Ministry of Trade, Industry and Energy

Korea’s retail sales increase 6.2% in 2017

The Ministry of Trade, Industry and Energy announced on January 30 that retail sales in 2017 increased 6.2 percent over 2016 on the back of strong growth in e-commerce businesses. Online retail sales in 2017 jumped 13.2 percent from a year earlier, accounting for 33.9 percent of the total retail sales. This double-digit growth in web-based sales was due to consumers’ preference to convenient online shopping experiences. Sales of major online sellers grew 27 percent and those of online date2018-01-31

Korea, US to hold second round of FTA amendment talks in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 26 that the second round of negotiations on amendments of the Korea-U.S. Free Trade Agreement (KORUS FTA) will take place in Seoul on January 31 and February 1, 2018. The Korean delegation will be led by Yoo Myung-hee, Director General for Trade Policy Bureau of MOTIE, and the U.S. delegation will be led by Michael Beeman, Assistant U.S. Trade Representative for Japan, Korea and APEC. In the upcoming meeting, the two sides date2018-01-26

Korea-EU FTA committee discusses stronger trade ties in Brussels

The Ministry of Trade, Industry and Energy announced on January 20 that the Ministry and the European Commission convened the seventh meeting of the Korea-EU Trade Committee in Brussels, Belgium on January 19.The Korea-EU Trade Committee is established under the Korea-EU Free Trade Agreement (FTA) to ensure the proper operation of the trade pact and meets annually.In this year’s meeting co-chaired by Trade Minister Kim Hyun-chong and EU Commissioner for Trade Cecilia Malmström, the tw date2018-01-20

ICT exports hit record high in 2017

The Ministry of Trade, Industry and Energy announced on January 16 that exports of information and communication technology (ICT) products surged 21.6 percent to a record USD 197.6 billion in 2017 from a year ago, surpassing $190 billion for the first time. In 2017, exports of ICT products, including semiconductors, mobile phones, computers and display panels, recorded a double-digit growth for the first time in seven years since 2010. Exports also achieved a monthly high for each month from Fe date2018-01-19

Korea’s automobile exports return to growth in 2017

The Ministry of Trade, Industry and Energy announced on January 17 that Korea’s exports of automobiles returned to growth in 2017, while production and domestic sales slowed. Automobile exports increased 3.9 percent year-on-year to $41.7 billion in 2017 after two years of contraction. Exports in value grew although the number of vehicles shipped abroad contracted 3.5 percent to 2,529,153. Car production in 2017 decreased 2.7 percent to 4,114,913 units from a year earlier. Domestic sales date2018-01-19

Industrial materials, components exports post all-time high in 2017

The Ministry of Trade, Industry and Energy announced on January 18 that exports of 12 types of industrial materials and components in 2017 posted an all-time high of USD 28.2 billion.The value of materials and components shipped abroad rose 12.0 percent year-on-year, recording a double-digit growth for the first time in six years, on the back of global economic recovery.Imports in the sectors grew to $168.3 billion, up 10.3 percent from 2016. The annual trade balance increased by $14.6 bill date2018-01-18

Retail sales rise by 9.4 % in November 2017

The Ministry of Trade, Industry and Energy announced on December 29 that Korea’s retail sales rose by 9.4 percent to 10.7 trillion won in November on a double-digit growth in e-commerce revenues and strong performance of brick-and-mortar retailers. Web-based sales, which account for more than a third of the total retail sales, jumped 16.7 percent from a year earlier, while in-store revenues expanded 5.4 percent, the fastest pace recorded since January. Sales in all seven major product date2018-01-08

Ministry holds public hearing on follow-up negotiations for Korea-China FTA

The Ministry of Trade, Industry and Energy announced that it will host a public hearing on January 5 about the negotiations to expand the Korea-China Free Trade Agreement to include trade in services and investments.The public hearing will be held at the COEX in Southern Seoul to gather opinions from interested parties and experts as such move is required under Article 7 of the “Act on the Conclusion Procedure and Implementation of Commercial Treaties” ahead of the negotiations.When date2018-01-05