Ministry of Trade Industry and Resources

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

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

FDI pledged to Korea increases 4.8% to $3.6 billion in Q3

The Ministry of Trade, Industry and Energy announced on October 10 that the foreign direct investment (FDI) pledged to Korea was USD 3.6 billion in the third quarter, posting a year-on-year growth of 4.8 percent after four straight quarters of contraction. Cumulative announced FDI inflows so far this year totaled $13.5 billion, indicating that the annual goal of attracting $20 billion will be well achievable.FDI pledged from July to September exhibited three characteristics.First, FDI continued date2019-10-11

Minister Sung meets with Colombian Commerce Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Colombian Commerce, Industry and Tourism Minister Jose Manuel Restrepo Abondano in Seoul on Oct 8.   The two ministers exchanged views on ways to boost trade and investment between Korea and Colombia. date2019-10-08

Trade Ministry releases a statement on Japan’s export restrictions imposed on Korea since July

The Ministry of Trade, Industry and Energy on October 1 released the government of the Republic of Korea’s statement on Japan’s export restrictions against Korea as 90 days have passed since the July imposition of Japan’s measure.Read the statement here: date2019-10-01

September exports decrease 11.7% to $44.7 billion

The Ministry of Trade, Industry and Energy announced on October 1 that Korean exports in September decreased 11.7 percent year-on-year to USD 44.7 billion. Imports fell 5.6 percent to $38.7 billion and the trade balance recorded a surplus of $6.0 billion, remaining positive for 92 consecutive months.The fall in exports was affected by unfavorable external conditions such as the U.S.-China trade conflict and Japan’s stricter export restrictions against Korea. Another factor that contributed date2019-10-01

Minister Sung meets with US Secretary of Commerce

Trade, Industry and Energy Minister Sung Yun-mo (left) and U.S. Secretary of Commerce Wilbur Ross discussed ways to expand trade and investment between Korea and the U.S. in a meeting held in New York. During the talks, Minister Sung stressed Korea should be exempted from potential U.S. auto tariffs. date2019-09-25

Korean ICT industry exports goods worth $15.2 billion in August

The Ministry of Trade, Industry and Energy announced on September 22 that the Korean industry of information and communications technology (ICT) exported goods worth USD 15.2 billion in August, down 24.5 percent from a year earlier.Meanwhile, ICT imports inched up 1.9 percent to $8.8 billion, and the trade balance saw a surplus of $6.4 billion.A breakdown of exports showed that outbound shipments of semiconductors, displays, mobile phones, and computers and peripheral devices all saw year-on-yea date2019-09-23

Minister Sung meets with Kazakh Foreign Minister in Seoul

Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Kazakhstan’s Foreign Minister Beibut B. Atamkulov in Seoul on Sep 16.   The two Ministers discussed ways to boost trade and investment between Korea and Kazakhstan and bolster bilateral cooperation as a follow-up to the first Korea-Kazakhstan summit that took place in April.   date2019-09-16

WTO Appellate Body releases its report on Korea’s anti-dumping duties on pneumatic valves from Japan

The World Trade Organization released an Appellate Body report on September 10 regarding the Republic of Korea’s anti-dumping duties on valves for pneumatic transmissions from Japan. In the WTO Appellate Body proceedings, Korea won in ten out of a total of 13 claims. To find out more: https://www.wto.org/english/news_e/news19_e/504abr_e.htm date2019-09-11