Ministry of Trade Industry and Resources

No facts confirmed of news article reporting that Chinese gov’t sent Korean companies an official warning letter as export control measure on Chinese rare earth elements

A news article by Hankyung on April 22 reported that the Chinese government sent Korean firms an official letter warning of sanctions should they export to U.S. arms companies any products manufactured using Chinese rare earth elements. The news article further claimed that this may seriously impede Korea’s exports. The Korean government is in the process of checking whether the news article is based on facts by communicating with the Chinese government and relevant industries. As of yet, no facts have been confirmed concerning any Korean company receiving such warning letters from the Chinese government. The Korean government plans to closely monitor the export controls of major trading partners and will make the utmost effort towards resolving domestic supply chain issues through communication and consultation with relevant countries.   date2025-04-23

Minister Ahn chairs meeting with Korean firms in Vietnam

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn chaired a conference with Korean firms locally operating in the Vietnamese market on April 14 in Hanoi on the margins of Korea-Vietnam intergovernmental meetings with the participation of representatives of companies like Hyundai Motor, Samsung Electronics, and Doosan Enerbility for discussions on trade issues and support measures. date2025-04-16

Trade Minister meets senior U.S. commerce officials

Korea’s Trade Minister Inkyo Cheong met U.S. Under Secretary of Commerce for Industry and Security Jeffrey Kessler and Under Secretary of Commerce for International Trade Nominee William Kimmitt on April 9 (local time) in Washington D.C. to discuss export controls and other trade issues. date2025-04-11

Trade Minister meets U.S. Trade Representative

Korea’s Trade Minister Inkyo Cheong met U.S. Trade Representative Jamieson Greer on April 8 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-04-11

FDI arrivals to Korea climb 26.4% in Q1 2025

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that foreign direct investments (FDIs) pledged to Korea in the first quarter of 2025 (Jan-Mar, acc.) decreased 9.2 percent year-on-year to USD 6.4 billion, while FDIs that actually arrived in Korea over the same period soared 26.4 percent to $3.5 billion. By type, greenfield investments jumped 20.7 percent to $4.7 billion, recording all-time highs for Q1 despite internal and external uncertainties, raising anticipation for job creation and local economic development. M&A investment pledges shrank 45.4 percent to $1.7 billion, but arrivals surged 31.9 percent to $1.9 billion. By industry, the manufacturing sector saw FDI pledges fall 24.5 percent to $2.3 billion. Pledges for the service sector dropped 7.4 percent to $3.6 billion, whereas arrivals leaped 68.7 percent to $2.8 billion.  By region, FDI pledges coming in from the U.S. rose 15.0 percent to $0.8 billion. Pledges and arrivals from the EU both skyrocketed 163.6 percent and 123.5 percent, respectively, to $1.5 billion and $1.1 billion. Pledges from Japan climbed 8.6 percent to $1.2 billion. Meanwhile, those from China contracted 75.0 percent to $0.3 billion.   date2025-04-03

Korea’s exports gain 3.1% in March

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports and imports for March 2025 rose 3.1 percent and 2.3 percent year-on-year, respectively, to USD 58.3 billion and $53.3 billion. The trade balance netted a surplus of approximately $5.0 billion. Exports reached a second highest for the month, increasing for two months straight. The number of working days considered, the daily average export value also grew 5.5 percent to $2.7 billion. Seven out of 15 major items advanced in the month, thanks to positive growth seen across all information technology (IT) goods. Semiconductor exports (up 11.9 percent to $13.1 billion) turned to an expansion, boosted by strong demand for high value-added memory chips like HBMs and DDR5s. Computers including solid-state devices (up 33.1 percent to $1.2 billion) and wireless communication devices (up 13.8 percent to $1.3 billion) each rose for the 15th and second consecutive month. Displays gained 2.9 percent to $1.5 billion, ending the seven-month losing streak. Despite the slowdown of some electric vehicle (EV) models, automobile exports progressed 1.2 percent to $6.2 billion on the backs of demand for hybrid electric vehicles (HEVs) and gas-powered vehicles. Ship exports recorded $3.2 billion (up 51.6 percent), a new high since December 2023 ($3.7 billion), snapping the downward streak. Bio-health exports (up 6.9 percent to $1.4 billion) increased for the second consecutive month, led by pharmaceuticals (up 13.2 percent to $0.9 billion). By region, Korea’s exports expanded to six out of nine major destinations. Exports to China (down 4.1 percent to $10.1 billion) faltered from the decline of semiconductor exports, in spite of the robust performance of petrochemicals and wireless communication devices.  U.S.-bound exports climbed 2.3 percent to $11.1 billion and those to ASEAN also surpassed China-bound exports with $10.3 billion (up 9.1 percent) for the second consecutive month. To the EU, ship exports doubled and bio-health items (up 9.8 percent to $6.3 billion) showed solid growth. Exports to the Middle East (up 13.6 percent to $1.8 billion) maintained growth for two months running and those to Japan (up 2.2 percent to $2.2 billion) and the CIS (up 30.1 percent to $1.1 billion) resumed their upward trajectory.   date2025-04-01

Minister Ahn meets Japan’s Minister of Economy, Trade and Industry

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a bilateral meeting with Japan’s Minister of Economy, Trade and Industry Muto Yoji on March 30 in Seoul on the margins of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting to discuss joint response measures in view of the changing global trade landscape. date2025-03-31

Minister Ahn meets China’s Minister of Commerce

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met China’s Minister of Commerce Wang Wentao on March 29 in Seoul on the occasion of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting to discuss measures for bilateral cooperation and trade issues. date2025-03-31

Korea-Japan-China joint press briefing

The Ministry of Trade, Industry and Energy (MOTIE) of Korea, the Ministry of Economy, Trade, and Industry (METI) of Japan, and the Ministry of Commerce (MOFCOM) of China held a joint press briefing on the sidelines of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting on March 30 in Seoul. date2025-03-31

13th Korea-Japan-China Economic and Trade Ministers’ Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn attended the 13th Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China on March 30 in Seoul with the participation of Japan’s Minister of Economy, Trade and Industry Muto Yoji and China’s Commerce Minister Wang Wentao, where they discussed follow-up measures to the ninth trilateral summit held in May 2024 and reaffirmed the need for cooperation among the three countries for the regional and global economic prosperity and stability. date2025-03-31