Ministry of Trade, Industry and Energy

Department store sales hit record high in October 2015 after 3 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 26 that department store sales in October rose by 11.4 percent --- a record-high in three years --- compared to the same period of last year thanks to large-scale sale events.     This is the second time that department sales recorded a two-digit increase since August last year, when the sales rose by 10.8 percent. Department stores in Korea recorded a -1.8 percent sales increase from January to September this year.     Home appliance sales rose the most at 26.6 percent, followed by men's clothes (13.8 percent), imported brand items (12.4 percent) and women's dress (12.3 percent).     Convenience store sales also rose by 35.1 percent from the same period of last year. It's largely due to sale events, increased cigarette prices, PB sales increase and increased number of stores.     However, supermarket and SSM sales dropped by 0.5 percent and 3.6 percent, respectively. This is because of decreased food sales since the Korean holiday season.     * Short version date2015-11-26

$ 127 mil to be invested in the development of wearable products over 5 years

The Ministry of Trade, Industry and Energy (MOTIE) announced that the MOTIE and Ministry of Science, ICT and Future Planning will invest a total of 127 billion won ($114 million) over a period of 5 years in the promotion of the smart wearable industries.     Of the 127 billion, 111 billion won will be used in the development of wearable material and parts technology and 16 billion won in building support centers for commercialization.     The wearable technology market is sti date2015-11-25

Self-driving cars and drones controlled from 400km away now available

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 23 that with the support of the government, 7 universities and Hyundai Motor held the "Future Growth Engine Challenge Parade", where 7 self-driving cars completed the mission of driving from Yeongdong Bridge to COEX.     The cars started driving 3 minutes apart from each other to: 1) Recognize speed limits and signs while driving, 2) Recognize and stay on the lanes, 3) Recognize traffic signals and stop accordingly, 4) Change lanes and load passengers, 5) Recognize pedestrians and stop and go accordingly and 6) Evade parked vehicles.     Unlike the self-driving cars using GPS, the cars were driven based on video technology with which to control the cars indoors. The cars are designed to recognize the location with an error rate of within 15cm.     The parade was followed by drones. For the first time in Korea, drones in Marado Island were controlled 400km away in COEX, and full HD videos were transmitted on a real-time basis.     In particular, one operator was able to control a total of 5 drones at once to show that group flying is also possible.     The self-driving car and drone parades will be held again on November 29, 2015 at COEX.     * Short version date2015-11-23

Export and Import Trends for October 2015

      □ South Korea’s exports fell 15.8 percent to $43.5 billion and imports decreased 16.6 percent to $36.8 billion in September from a year earlier, resulting in a trade surplus, for the 45 consecutive month, of $6.7 billion.   □ By product, exports of most key items decreased, while those of mobile telecom devices increased. Exports of ships dropped due to a lull in exports of offshore plants this month, and those of semiconductors fell due to sluggish growth in the memory sector. By region, exports to most regions decreased, while those to Vietnam continued to increase.   □ Imports ofmajor raw materials continued to decrease, but imports of capital and consumer products maintained upward trends.   □ ○ The nation’s exports showed their biggest decline this year in October due to a sharp fall in overseas shipments, the price drop for oil-related products, and a high comparison basis from the same month last year when they posted a record amount.   ○ Notably, the total volume of exports fell for the first time in five months in October as more factories manufacturing petrochemical and oil-related products underwent routine repairs.   ○ In November, the decline in exports is expected to ease to a certain degree as ship deliveries rise with scheduled exports of offshore plants and shipments of oil-related products decrease less relative to lower oil prices from October of last year.   ○The Korean government plans to continue improving its current export structure concentrated on intermediary goods by diversifying export markets with a focus on countries that have been released from economic sanctions, including Iran. The government will also help develop more consumer products such as cosmetics and medical supplies as key export items.   date2015-11-20

K-Sale Day to be held to attract more consumers

The Ministry of Trade, Industry and Energy announced on November 19 that the "K-Sale Day" will be held from November 20 to December 15.     This event will be participated by a total of 72 departments, large supermarkets, convenience stores, member companies of the Federation of Distribution Industry, online shopping malls, large manufacturers, retailers and food service providers.     Various items including home supplies, appliances, food, electronics and clothes will be available at between 10 and 50 percent discount.     For more information, visit www.k-saleday.com.     * Short version date2015-11-19

FTA negotiations to be held on protecting Korean contents in new markets through copyright laws

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 19 that experts pointed out that Korea should engage in the FTA negotiation talks by taking into consideration the current conditions of the digital world in order to protect Korean content in emerging markets.     Choi Gyeongsu, one of the experts present at the meeting, said, "Most of Korean online content such as TV dramas, movies and music are distributed on the Internet and smartphones even in the emerging markets. Therefore, we need to come up with a system with which to prevent copyright violation by strengthening the access control tools through this FTA."     Here, the access control tools refer to various technical measures employed to prevent or control unauthorized access to the works, including DVD area code and access password.     Choi also stressed that Korea should add provisions on the protection of Korean broadcasting and satellite signals that are currently copied and transmitted illegally in the local areas."     The experts of copyright law also present at the meeting agreed that Korean online content will receive added protection if the civil and criminal procedures regarding copyright violation in the emerging markets are more clearly defined.     The strategic meeting for copyright protection in the FTA was called to order by MOTIE and Ministry of Culture, Sports and Tourism in order to review and discuss the goals and strategies of copyright negotiations through the FTA, while also sharing the trends in copyright negotiations through the RCEP and FTA copyright negotiations with America.     * Short version date2015-11-19

The 2015 Engineering Education Festival to be held for engineers, manufacturers, and people

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 18 that it will sponsor the "2015 Engineering Education Festival" to be held at the Daegu EXPO between November 18 and 19. It will be held for the fourth time to encourage and support engineering students, and show a guideline for them to enter the industry after their graduation.     During the festival, engineering students at the Gachon University showcased a solution that can automatically maintain the balance of the stretcher. Their idea was to install angle and vibration sensors on the stretcher to help the medical staff always maintain the horizontal level.     The students received the Prime Minister's Award for their invention at the festival.     Meanwhile, students at the Korea University of Technology & Education introduced a new embedded system for musicians. Using this system, an LED display can be embedded on a guitar to show the notes so that the guitarist doesn't have to have a sheet music to practice the music. Including these two, a total of five inventions received the MOTIE Award.     At the festival, college students can compete with their new and innovative engineering ideas, show their capstone designs and also get the chance to participate in global engineering conferences.     This year's festival was participated by more than 20,000 students and professors from over 120 colleges of engineering, as well as engineers from Hyundai Motor and LG Electronics.     * Short version date2015-11-18

Farmers able to check out duty-free oil prices at Opinet

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 16 that anyone can check out duty-free agricultural oil prices at Opinet (www.spinet.co.kr) launched and operated by the Korea National Oil Corporation. The website is designed to help farmers find the best price for their oil.     While leaded and unleaded gasoline prices that have been open for comparison at the site, duty-free agricultural oil prices were not, leaving the farmers at a loss to find out the best price.     To solve this problem, the MOTIE and Ministry of Agriculture, Food and Rural Affairs joined hands to provide duty-free oil prices through Opinet from November 16.     A total of 658 Nonghyup gas stations and 480 other brand gas stations have agreed to post their price on Opinet for farmers.     The MOTIE plans to revise relevant laws and regulations to make it mandatory for all the remaining 4,544 gas stations in South Korea to post their oil prices on Opinet.     Once revised, gas stations will also be forced to display their duty-free oil price in addition to leaded and unleaded gasoline prices starting from January 1, 2015, making it easier for farmers to know how much money they can save on tax.     * Short version date2015-11-16