Ministry of Trade Industry and Resources

Trade Minister holds conference with CPTPP members' ambassadors to Korea

Trade Minister Yeo Han-koo held a conference with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member states’ ambassadors to Korea at the Lotte Hotel Seoul on April 28 to discuss Korea’s application and upcoming plans.   The Minister delivered opening remarks and facilitated discussions addressing CPTPP’s role in terms of the Asia-Pacific trade order, as well as the Partnership’s future development direction.   date2022-04-28

Trade Minister holds Public-Private Russia and Belarus Exports Restrictions Conference

Trade Minister Yeo Han-koo presided the Public-Private Russia and Belarus Exports Restrictions Conference at the Korean Security Agency of Trade and Industry (KOSTI) on April 27 for an interim review following the 57 non-strategic items sanctions enforced a month ago.   In his opening remarks, Minister Yeo stated that “the Government included the 57 non-strategic items on the catch-all list and negotiated with the U.S. for Foreign Direct Product Rule (FDPR) exemption in order to min date2022-04-28

MOTIE holds 26th Trade Promotion Committee

Trade Minister Yeo Han-koo held the 26th Trade Promotion Committee on April 20 at the Government Complex Sejong to discuss Indo-Pacific Economic Framework and Korea-U.S. trade issues, including the recently released National Trade Estimate Report on Foreign Trade Barriers (NTE).   Attending the meeting were various officials from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of Employment and Labor, Ministry of Agriculture, Food an date2022-04-21

MOTIE holds 26th Trade Promotion Committee

Trade Minister Yeo Han-koo held the 26th Trade Promotion Committee on April 20 at the Government Complex Sejong in the attendance of various relevant ministries to discuss the Indo-Pacific Economic Framework (IPEF), Korea-U.S. trade issues, and approaching WTO and APEC conferences. In his opening remarks, Minister Yeo addressed the urgency of international cooperation for supply chain risk management amid the Ukraine situation and China’s COVID-19 lockdowns. On this note, he stressed th date2022-04-21

423rd Korea Trade Commission gives final conclusion on anti-dumping investigations

The Ministry of Trade, Industry, and Energy (MOTIE) held the 423rd Korea Trade Commission meeting on April 14, where Chairperson Chang Seung-wha announced the final conclusions of anti-dumping investigations on Chinese presensitized aluminum plates with double-layered coating for offset printing (hereinafter referred to as “double-layer offset printing plate”) and unfair trade practices investigations on the fin field-effect transistor (finFET) patent infringement. The Commission als date2022-04-18

Korea's automobile exports achieve $4.0 billion in March

The Ministry of Trade, Industry, and Energy announced on April 15 that Korea’s March automobiles exports reached 179,630 units (down 7.7 percent) and USD 4.0 billion (down 9.7 percent) in value. Korea’s automobile production suffered from less operating days, semiconductor supply crisis, and China’s production halt in car parts, due to shutdown of local production lines from surging local COVID-19 cases. Only two of Korean car manufacturers achieved positive growth, namely Ssa date2022-04-15

Korea's ICT exports achieve a record-breaking $23.3 billion in March

The Ministry of Trade, Industry, and Energy announced on April 14 that Korea’s outbound shipments of information and communications technology (ICT) goods surpassed all previous records in March, achieving 33.6 percent growth year-on-year and reaching USD 23.3 billion. March 2022 saw the highest ever ICT exports in history since first statistic record in 1996. ICT exports have posted double-digit growth for 12 consecutive months since April of 2021, and take up a whopping 36.6 percent of date2022-04-15

FDI to Korea jumps 14.9 percent in Q1, achieving $5.5 billion

The Ministry of Trade, Industry, and Energy announced on April 7 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year jumped 14.9 percent year-on-year to USD 5.5 billion, a historic high. The FDIs that actually arrived in Korea over the same period inched down by 2.6 percent to $4.3 billion, still the second highest amount in history. In spite of unstable global investment conditions like the Russia-Ukraine crisis, surging oil prices and raw materials prices date2022-04-08

Korea and U.S. discuss IPEF and Section 232 steel tariffs

Trade Minister Yeo Han-koo held a teleconference with the United States Trade Representative (USTR) Katherine Tai on March 31 to discuss the Indo-Pacific Economic Framework (IPEF) and Section 232 steel tariffs. This is the sixth round of talks held between the two trade chiefs since U.S. President Biden first announced the IPEF last October. With regard to IPEF, Minister Yeo mentioned that multiple discussions are underway across relevant ministries and public-private task forces. He also stat date2022-04-05

March exports grow 18.2%, reaching $63.5 billion

The Ministry of Trade, Industry, and Energy announced on April 1 that Korea’s exports in March increased 18.2 percent to USD 63.5 billion, the highest in 66 years since 1956, the year trade data was first recorded. This is positive growth for the 17th consecutive month, and double-digit growth for the 13th consecutive month. Average daily exports reached a record-breaking $2.8 billion. In respect of imports, high energy prices and larger purchases of intermediate goods drove up imports b date2022-04-01