Ministry of Trade Industry and Resources

Trade Figures for 2010

The Ministry of Knowledge Economy has released its trade figures for 2010. Thanks to robust exports and lower-than-expected international oil prices, Korea’s trade balance hit an all-time high, posting a $41.7 billion surplus. Exports gained 28.6 percent year on year to reach $467.4 billion, the highest level on record. With the exception of September, exports consistently showed more than 20 percent growth throughout the year. Exports to most key trading partners increased during the period between January 1 and December 20; Oceania was a notable exception.     Among 70 major exporters in the World Trade Organization, Korea ranked seventh for the first 10 months of 2010—head of Italy, Belgium and the United Kingdom. (China topped the list, followed by the United States and Germany.) Korea is expected to retain seventh place for all of 2010.     Meanwhile, imports increased 31.8 percent to record $425.7 billion. Inbound shipments of equipment and parts related to key export items increased, consumer confidence improved, and raw material prices rose. All these factors contributed to high import growth rates. Inbound shipments of raw materials went up 34.5 percent, while imports of capital goods and consumer goods rose 28.8 percent and 29.4 percent, respectively. For the month of December, the trade surplus totaled $3.74 billion. Exports climbed 23.1 percent to $44.34 billion, while imports went up 23.3 percent to $40.6 billion. Exports of most of Korea’s 13 major export items showed an upward trend. Notably, outbound shipments of petroleum products and automobile parts grew 34.2 percent and 35.3 percent, respectively, year on year.   * Released by the Export and Import Division date2011-01-04

Korea Strengthens Investment Ties with Central Asian Partners

Deputy Director for International Trade and Investment Kim Kyungsik addresses representatives of five Central Asian countries—Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan and Kyrgyzstan—at a joint investment forum held December 2 in Seoul. This was the third event of its kind. date2010-12-03

Korea, U.S. Business Coalition Discuss Free Trade Agreement

Vice Minister for Trade and Energy Park Young June (third from left) presides over a meeting in Gwacheon on October 15. Nearly 20 representatives of the U.S.-Korea FTA Business Coalition attended the meeting, which focused on investment, the Korea-U.S. FTA, and the industrial technology partnership between the two countries. The Coalition is composed of companies, industry associations, and other FTA supporters who would like to see the deal ratified at an early date. date2010-10-18

Vice Minister Attends Trade Exhibition

Vice Minister for Trade and Energy Kim Young Hak listens to a businessman at “Buy Korea 2010” on March 4 in Goyang, north of Seoul. The trade event was held to match local companies with overseas buyers. date2010-03-16

Korea, U.S. Economists Discuss Global Trade

Korea, U.S. Economists Discuss Global Trade Vice Minister for Trade and Energy Kim Young Hak addresses participants in an international conference on December 7 in Seoul. The Korea International Trade Association and the Peterson Institute for International Economics jointly organized the forum, which featured a number of notable economists, to discuss the global economy and trade. date2009-12-08

Minister Meets Foreign Correspondents in Korea

Minister Meets Foreign Correspondents in Korea Minster of Knowledge Economy Choi Kyunghwan (second from right) addresses a group of foreign correspondents in Seoul on December 1. Minster Choi discussed Korea’s efforts to reduce greenhouse gas emissions. date2009-12-02

Minister Meets Chinese Investors

Minister of Knowledge Economy Choi Kyunghwan addresses nearly 200 Chinese investors at a meeting in Beijing on November 23. Minister Choi urged participants to invest in Korea’s promising regional development projects. date2009-11-25

Korea Hosts Berne Union Annual General Meeting

Korea Hosts Berne Union Annual General Meeting Minister Choi Kyunghwan speaks at the Berne Union Annual General Meeting in Seoul on October 14. The Berne Union, based in the United Kingdom, is the leading association for export credit and investment insurance worldwide, and this year’s meeting drew nearly 300 participants. date2009-10-21

Vice Minister Welcomes Singaporean Business Leader

date2009-08-31

Vice Minister Attends World Journalist Conference

Vice Minister Attends World Journalist Conference Vice Minister for Trade and Energy Kim Young Hak speaks at the World Journalist Conference on July 6 in Seoul. Vice Minister Kim discussed climate change and Korea’s green policies at the event, which drew nearly 70 journalists from about 50 countries including the United States, China, Japan, the United Kingdom, India, Thailand, Russia and Singapore. date2009-07-07