Ministry of Trade, Industry and Energy

Korean ICT exports amount to $15.5 billion in October

The Ministry of Trade, Industry and Energy announced on November 21 that Korea exported USD 15.5 billion worth of information and communications technology (ICT) goods in October. ICT imports totaled $9.4 billion, resulting in a trade surplus of $6.1 billion.ICT exports fell 23.3 percent from a year earlier due to decreasing shipments of semiconductors, displays, and mobile phones.By item, semiconductor exports dropped 32.1 percent year-on-year to $8.0 billion. System chips increased 6.7 percent date2019-11-22

[ASEAN-ROK Summit] Trade Minister Yoo discusses cooperation with ASEAN ambassadors to Korea in Seoul

Trade Minister Yoo Myung-hee had a luncheon meeting with ambassadors to the Republic of Korea from Association of Southeast Asian Nations (ASEAN) countries in Seoul on November 19 ahead of the ASEAN-Korea Commemorative Summit.The Summit scheduled to be held in Busan from November 25 to 26 will commemorate the 30th anniversary of dialogue relations between Korea and ASEAN.The luncheon was organized to call for cooperation from participating nations of the Summit for its success and discuss the in date2019-11-19

Exports of Korean eco-friendly cars increase 8.2% in October

The Ministry of Trade, Industry and Energy announced on November 14 that the Korean automobile industry’s green car exports improved 8.2 percent year-on-year to 23,555 vehicles in October. Overall auto exports, however, decreased 10.2 percent to 208,714 vehicles from a year earlier. In value terms, car exports slipped 2.3 percent to USD 3.8 billion.Automobile output fell 7.9 percent to 351,409 units, but this figure is higher than this year’s average monthly production, which is 326, date2019-11-15

Korean exports in October decrease 14.7% to $46.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October decreased 14.7 percent to USD 46.8 billion from a year earlier. Imports saw a decline of 14.6 percent to $41.4 billion, resulting in a trade balance of a surplus of $5.4 billion.The decrease in exports was largely due to the U.S.-China conflict and other external uncertainties, as well as the stagnant semiconductor sector and a slowdown in the global economy.From November, exports are slated date2019-11-01

Online retail sales up 17.8% in September

The Ministry of Trade, Industry and Energy announced on October 30 that online retail sales in Korea went up 17.8 percent year-on-year in September. Sales at brick-and-mortar stores, on the other hand, decreased 5 percent. As a result, overall retail sales inched up 2.7 percent.These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) oper date2019-10-30

Energy Ministry jointly hosts a renewable energy conference in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) kicked off the opening ceremony of the Korea International Renewable Energy Conference (KIREC Seoul 2019) at COEX in Seoul on October 23.Held biennially, the international renewable energy conference is one of the renewable energy sector’s largest events, providing opportunities to discuss climate change responses and promote the use of renewables.Jointly hosted this year by MOTIE, the Seoul Metropolitan Government, and REN21, the conferen date2019-10-24

Korea’s ICT industry posts exports of $15.8 billion in September

The Ministry of Trade, Industry and Energy announced on October 21 that Korean exports of information and communications technology (ICT) goods in September decreased 22 percent to USD 15.8 billion from a year earlier. Shipments of mobile phone parts expanded, but those of semiconductors and displays contracted.ICT imports, on the other hand, grew 9.8 percent year-on-year to $8.8 billion. The trade balance in this sector was a surplus of $7.0 billion.By item, semiconductor shipments fell 31.5 pe date2019-10-23

Domestic car sales return to growth in September

The Ministry of Trade, Industry and Energy announced on October 17 that automobile sales in Korea rose 4.1 percent year-on-year to 133,016 vehicles in September following seven consecutive monthly decreases.Domestic sales of Korean-made cars inched up 1.0 percent to 110,465 units, and those of imported cars improved 22.5 percent to 22,551 units despite a decline in Japanese car sales (down 59.8 percent). Domestic sales of environmentally friendly cars also gained 10.3 percent to 9,656 units. Loc date2019-10-21