Ministry of Trade, Industry and Energy

Korea's exports grow 5.1% in December

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 1 that Korea’s export value for the month of December advanced 5.1 percent year-on-year to this year’s monthly highest of USD 57.7 billion. Imports shrank 10.8 percent to $53.2 billion, and the trade balance stood at a surplus of $4.5 billion. By item, semiconductor exports leaped 21.8 percent and grew for the second consecutive month, reaching the highest for this year at $11.0 billion and continuing the recove date2024-01-02

Korea advances and diversifies trade network

Amid the global rise of protectionism, supply chain disruptions and other rapid shifts in the global trade environment, the Ministry of Trade, Industry and Energy (MOTIE) has been active in advancing and diversifying the trade network for expanding the export market and stabilizing the supply chain. To note, MOTIE strengthened Korea’s economic security by concluding three agreements in the Supply Chain, Clean Economy and Fair Economy Pillars in just one year and a half following the launc date2023-12-28

Korea and GCC conclude FTA deal

Minister for Trade Dukgeun Ahn and Gulf Cooperation Council (GCC) Secretary General Jassim Mohammed Al-Budaiwi concluded and signed the joint statement for the Korea-GCC Free Trade Agreement (FTA) on December 28 in Seoul. The Korea-GCC FTA is Korea’s 25th FTA (by concluded order), and the second FTA with an Arab country following the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) concluded in October. Trade Minister Ahn assessed that “alongsid date2023-12-28

“K-Shipbuilding Super Gap Tech Alliance” sets sail

The Ministry of Trade, Industry and Energy (MOTIE) hosted the launching ceremony of the “K-Shipbuilding Super Gap Tech Alliance” on December 27 at the Conrad Seoul Hotel, held jointly with the Korea Evaluation Institute of Industrial Technology (KEIT) and Korea Offshore & Shipbuilding Association (KOSHIPA). The Alliance is part of a follow-up measure to the “K-Shipbuilding Strategy for Next-Generation Market Dominance” that MOTIE announced in November, composed date2023-12-27

Korea's retail industry grows 8.7% in November

The Ministry of Trade, Industry and Energy (MOTIE) announced December 26 that Korea’s retail sales for November advanced 8.7 percent year-on-year. Offline sales achieved a 4.5 percent growth, thanks to various discount and promotion events and the majority of items showed growth, with the exception of home appliances/culture and foreign designer labels. All types of retail channels expanded in sales. Online sales hiked 12.7 percent owing to numerous global discount events and continued c date2023-12-26

Korea Trade Commission gives final decision on anti-dumping investigations on coated printing paper

The Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) held the 443rd Trade Commission meeting on December 21 and announced its final decision to impose anti-dumping duties (8.22-16.23%) on coated printing paper imported from Japan, China and Finland for an extension of five years after holding stakeholders’ meetings, public hearings and local inspections in response to two Korean paper manufacturers’ request for a retrial since the anti-dumping date2023-12-22

Government to nurture Free Economic Zones to serve as advanced global business base

The Korean government plans to create an Advanced Global Business Base for attracting KRW 100 trillion worth of domestic and overseas investment and creating 0.45 million job openings over the next 10 years. With these goals in view, the Government reviewed and deliberated on the draft for the 3rd Free Economic Zone (FEZ) Basic Plan during the 138th FEZ Committee meeting on December 21. The FEZ Basic Plan is a legal plan of the highest status established every five years for presenting the basi date2023-12-22

MOTIE to receive opinions on proposed amendments to Foreign Investment Promotion Act

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 20 the proposed amendments to the Foreign Investment Promotion Act as a notification prior to legislation. The amendments are aimed at enhancing the effectiveness of the review and deliberation on foreign investment with respect to national security and to reduce uncertainties for investors. Major amendments focus on the following: elaboration of reasons for launching the national security deliberation; clarifying the grou date2023-12-22