Ministry of Trade Industry and Resources

Trade Minister meets France’s Minister Delegate for Foreign Trade and French Nationals Abroad

Minister for Trade Inkyo Cheong met Laurent Saint-Martin, France’s Minister Delegate for Foreign Trade and French Nationals Abroad, on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed joint measures for responding to global trade uncertainties. date2025-02-03

Trade Minister Cheong Discusses Key Trade Issues with Major Economies at WEF 2025 in Davos

Minister for Trade Cheong In-kyo of Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) met with counterparts of various economies at the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, to discuss ways to strengthen cooperation. He also attended the trade and investment leadership session and an informal World Trade Organization (WTO) trade ministerial meeting to exchange views on ways to foster a more stable and predictable trade environment. First, Trade Minister Cheong held bilateral talks with counterparts of other major economies, including ASEAN, France, the Gulf Cooperation Council (GCC), Japan, the Philippines, Saudi Arabia, and the UK, regarding the changing global trade landscape. They reaffirmed a shared commitment to maintain cooperation within the global trade system. Trade Minister Cheong also explained that Korea’s economy and national security remained stable despite external parties’ concerns over recent political uncertainties. He went on to highlight Korea’s aims to advance cooperation with each country on the margins of the upcoming 2025 Asia-Pacific Economic Cooperation (APEC) Summit. With European Commission Executive Vice-President Maroš Šefčovič, Trade Minister Cheong discussed measures to accelerate the Korea-EU Digital Trade Agreement (DTA) and the need for greater transparency and safeguards against discrimination on foreign companies when Europe introduces new labor and environmental regulations.. With Vice Minister for International Affairs Matsuo Takehiko of Japan’s Ministry of Economy, Trade and Industry (METI), the trade minister took stock of the forward-looking development of Korea-Japan relations and the cooperation momentum reaffirmed during the bilateral high-level trade talks held last December. They also reviewed the two countries’ joint efforts in supply chains and digital areas. In his talks with ASEAN Secretary-General Kao Kim Hourn and the Philippines’ Secretary of Trade and Industry Cristina Aldeguer-Roque, Trade Minister Cheong discussed the ASEAN-ROK Think Tank Dialogue on Economic & Trade Policy (AKTD), to be held on the occasion of the upcoming APEC trade ministerial meeting in May, as well as key trade issues and measures to expand Korea-ASEAN trade. Through bilateral talks with UK’s Secretary of State for Business and Trade Jonathan Reynolds, New Zealand’s Deputy Secretary for the Ministry of Foreign Affairs and Trade Vangelis Vitalis, and GCC Secretary General Jasem Mohamed Albudaiwi, Saudi Arabia’s Minister of Commerce and Investment Majid bin Abdullah Al-Kassabi, and Bahrain’s Minister of Industry and Commerce Abdulla bin Adel Fakhro, Trade Minister Cheong discussed Korea’s respective Free Trade Agreement (FTA) agendas with each counterpart and reaffirmed the importance of free bilateral trade. In addition, he exchanged views with Laurent Saint-Martin, France’s Minister Delegate for Foreign Trade and French Nationals Abroad, on electric vehicle (EV) subsidies and other issues of mutual interest. Following the bilateral talks, Trade Minister Cheong took part in a trade and investment leadership session on January 23, where trade ministers from various economies and global CEOs held in-depth discussions on the potential impact of the newly inaugurated U.S. administration’s trade policies. He emphasized the need for further dialogue within the international community. During the informal WTO trade ministers’ meeting on January 24, Trade Minister Cheong expressed Korea’s strong commitment to upholding an open and inclusive trade system as this year’s APEC chair. He also emphasized the need to strengthen the multilateral trade system amid the rise of protectionism and presented key priorities for WTO reform.  In his subsequent talks with WTO Director General Ngozi Okonjo-Iweala, h date2025-01-31

Trade Minister Cheong attends informal WTO trade ministerial meeting at WEF 2025

Minister for Trade Inkyo Cheong attended the informal WTO trade ministerial meeting on January 24 in Davos, Switzerland, on the margins of WEF 2025 and discussed the need to strengthen the multilateral trade system amid the global rise of protectionism with trade counterparts of 24 economies. date2025-01-31

Korea to Carry Forward Innovative Momentum towards Export Growth

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and the Korea Trade-Investment Promotion Agency (KOTRA) held the CES 2025 Innovation Forum at COEX in Seoul on January 23, 2025.  The Forum was organized as public-private initiative to translate the innovative achievements of Korean companies recognized at the Consumer Electrics Show (CES) 2025 into a solid foundation for their entry into global market. At this year’s CES, Korea had the largest number CES Innovation Award-winning companies, showcased its largest-ever integrated Korean pavilion, reached a record USD 0.35 billion in estimated export contracts, and newly named a Global Innovation Champion. In view of these achievements, the Korean government launched the Forum to ensure that these outcomes lead to actual exports through timely follow-up support. First, a debriefing session introduced the key takeaways of CES 2025 regarding new industrial ecosystems and opportunities to be created in by artificial intelligence (AI), including in robotaxis, energy, and healthcare. It was followed by a presentation session in which five companies shared their strategies for winning CES Innovation Awards. Participants were also provided with opportunities to engage in export promotion activities, such as online export consultations. Meanwhile, various institutions introduced export and financial assistance programs for innovative companies. KOTRA introduced its program offering catered support and preferential treatment to innovative Korean companies, as well as assistance with setting up dedicated booths at major exhibitions, participating in Demo Day events, and entering global supply chains, primarily through K-Tech Camps. The Korea Credit Guarantee Fund (KODIT) and the Industrial Bank of Korea (IBK) also participated in the forum, offering guarantee support and financial solutions. Moreover, the Korea International Trade Association (KITA) shared its plans to support exports of innovative businesses through NextRise 2025, Korea’s largest startup fair. date2025-01-23

Trade Minister Cheong Attends WEF 2025 in Davos

Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the 2025 Annual Meeting of the World Economic Forum (WEF), held in Davos, Switzerland, from January 20 to 24, 2025, as the representative of the Korean government. Held under the theme "Collaboration for the Intelligent Age," this year’s WEF brings together approximately 350 participants, including heads of state and government, government representatives, heads of international organizations, and global CEOs to discuss trade and investment and other issues. On the margins of the event, Trade Minister Cheong will hold bilateral talks with counterparts representing more than 10 economies, including ASEAN, the EU, France, the Gulf Cooperation Council (GCC), Japan, the Philippines, Saudi Arabia, and the UK. He will also take part in a trade and investment leadership session with other trade ministers to raise awareness on the need to restore the multilateral trade system. At the informal WTO trade ministerial meeting on January 24, Trade Minister Cheong will highlight the importance of enhancing the stability and predictability of the trade environment amid rising protectionism and other challenges. He will also reaffirm Korea’s commitment to these goals through its APEC chairmanship this year and emphasize its firm support for the multilateral trade system. date2025-01-21

Korea’s auto exports enter $70 bln thresholds for 2nd year running

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports for 2024 reached USD 70.8 billion, entering the $70 billion thresholds for the second year running.  Marking the second highest export record following the $70.9 billion set in 2023, the achievement is attributable to the strong performance of eco-friendly vehicles driven by the sharp growth of hybrid cars (up 45.8 percent year-on-year to $11.3 billion) despite the slowing global demand for electric vehicles. For the month of December 2024, automobile exports shrank 5.3 percent year-on-year to $6.0 billion as a consequence of safety inspections and parts manufacturing setbacks from the heavy November snow and unit export price falls from reduced EV exports. Meanwhile, overseas shipments of automobiles for the month of December rose to 251,847 units, continuing their strong upward trajectory. Korea’s annual automobile production recorded 4,128,447 units (down 2.7 percent) in 2024, 67 percent (2,782,639 units) of which were sold to overseas markets. Domestic sales in 2024 dropped 6.5 percent to 1,625,848 units as a result of dampened consumer confidence and weakened demand for EVs. However, the domestic sales of eco-friendly cars soared 18.2 percent to 650,122 units in 2024, four out of 10 newly sold cars being eco-friendly vehicles. Notably, hybrid electric vehicle (HEV) sales grew 32 percent year-on-year to 495,577 units, taking up 76 percent and 30 percent of Korea’s eco-friendly car sales and entire domestic car sales in 2024, respectively.   date2025-01-16

Korea’s annual ICT exports achieve new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 14 that exports of Korea’s information and communications technology (ICT) goods for 2024 logged an all-time high of USD 235.0 billion, surpassing the previous record set in 2022 ($233.2 billion). Annual ICT imports reached $143.2 billion and the trade balance stood at a surplus of $91.8 billion.  ICT exports have maintained an upward trajectory for 14 consecutive months, entering the $20 billion thresholds for five straight months since August 2024.  Semiconductor exports led overall ICT exports with a historic high of $142.0 billion, boosted by strong demand for artificial intelligence (AI) related goods. The double-digit growth of finished mobile phones and parts exports as well as the sharp growth of computers/peripherals’ solid-state drive (SSD) exports further contributed to last year’s ICT exports performance. By region, ICT exports to China (including Hong Kong) advanced 25.3 percent year-on-year to $97.9 billion in 2024, as robust demand for semiconductors, displays, and mobile phones spurred a powerful rebound from the previous year. To Vietnam (up 14.4 percent to $36.8 billion), semiconductors and mobile phones backed the rebound from the previous year, pushing overall ICT exports over the $30 billion thresholds for the fourth consecutive year. U.S.-bound ICT exports centered on semiconductors and computers/peripherals on the backs of demand for servers and datacenters, achieving fresh annual highs of $29.6 billion (up 31.9 percent). To the EU (up 11.4 percent to $12.2 billion), continued growth of mobile phones and computers/peripherals turned Korea’s ICT exports to an expansion. ICT exports to Japan (down 9.7 percent to $3.8 billion) fell despite the growth of displays and computers/peripherals, as exports of semiconductors and mobile phones shrank. Korea’s export and import of ICT goods for December 2024 recorded $22.7 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $9.3 billion. ICT exports for the month of December ranks highest among monthly exports in 2024, entering the $20 billion thresholds for the fifth consecutive month since August.   date2025-01-14

Minister Ahn meets U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Marsha Blackburn on January 9 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Trade Minister meets Pakistan’s Federal Minister of Commerce

Trade Minister Inkyo Cheong of the Republic of Korea met Pakistan’s Federal Minister of Commerce Jam Kamal Khan on January 9 in Seoul to discuss measures for bilateral cooperation. date2025-01-13

Minister Ahn meets U.S. Trade Representative Katherine Tai

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with U.S. Trade Representative Katherine Tai on January 8 (local time) in Washington D.C. and discussed Korea-U.S. trade issues including the bilateral FTA. date2025-01-13