Ministry of Trade Industry and Resources

Korea’s exports decline 1.3% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 1 that Korea’s exports and imports for the month of May 2025 decreased 1.3 percent and 5.3 percent year-on-year, respectively, to USD 57.3 billion and $50.3 billion. The trade balance stood at a surplus of $6.9 billion.   Accounting for the number of working days, the daily average export value rose 1.0 percent to this year’s all-time high of $2.7 billion. Five out of Korea’s 15 major export items advanced in May. Semiconductors hit a new high for the month with $13.8 billion (up 21.2 percent) as fixed prices rose alongside strong demand for high value-added memory chips like HBMs and DDR5s. Wireless communication exports maintained an upward trajectory for the fourth consecutive month, climbing 3.9 percent to $1.3 billion on the backs of the robust performance of smartphones (up 30.0 percent to $0.4 billion). Computers, including solid-state drive (SSDs), increased 2.3 percent to $1.1 billion, turning to an expansion. Bio-health exports (up 4.5 percent to $1.4 billion) increased for the fourth consecutive month, driven by the solid growth of biopharmaceuticals (up 13.7 percent to $0.9 billion). Ship exports gained 4.3 percent to $2.2 billion, growing for the third month straight. Korea’s total automobile exports entered the $6 billion thresholds for the fourth consecutive month, thanks to demand for EVs and secondhand cars (up 71.0 percent to $0.7 billion) in the EU market.  In addition to the leading 15 items, Korea’s agricultural food products (up 5.5 percent to $1.0 billion) and cosmetics (up 9.3 percent to $1.0 billion) both reached historic highs for May and electric machinery (up 0.1 percent to $1.3 billion) improved for the fourth consecutive month. By region, Korea’s May exports expanded to two out of nine major destinations. To China, exports dropped 8.4 percent to $10.4 billion as those of semiconductors and petrochemicals receded. U.S.-bound exports fell 8.1 percent to $10.0 billion as a result of a plunge in automobile exports, despite the growth of wireless communications devices, petroleum products, and secondary batteries. Exports to ASEAN shrank 1.3 percent to $10.0 billion in spite of the double-digit growth of semiconductor exports, as petroleum products and petrochemicals took a sharp dive.  Exports to the EU (up 4.0 percent to $6.0 billion) were led by automobiles and semiconductors, gaining for the third consecutive month. Those to CIS countries surged 34.7 percent to $1.2 billion. Korea’s energy imports for May diminished 12.8 percent to $10.2 billion, owing to lower imports of crude oil and gas. Non-energy imports decreased 3.2 percent to $40.2 billion.   date2025-06-02

Trade Minister attends 57th Korea-Japan Business Conference

Korea’s Minister for Trade Inkyo Cheong gave a congratulatory address at the 57th Korea-Japan Business Conference on May 27 in Seoul, held with the participation of both governments and business leaders.  In commemoration of the 60th anniversary of the normalization of the two countries’ diplomatic relations, Trade Minister Cheong proposed that their governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years. He also stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. date2025-05-29

“K-FEZ Day in Europe” launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE) launched “K-FEZ Day in Europe” from May 19–23 in London and Frankfurt. Co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA), K-FEZ Day initially kicked off in Singapore last year with an aim to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. This year’s K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, a Korea-UK Investment Seminar was held to articulate the strengths of Korea’s FEZs and introduce investment strategies of each FEZ, held with roughly 30 UK-based potential and real estate investors such as Leonard Design Architects and Pure Data Centres Group. Following the seminar, participants and investors engaged in one-on-one business consultations on hotels, offices, healthcare facilities, and logistics. In Germany, a Korea-Germany Advanced Industries Roundtable was convened to heighten interest in FEZs with the participation of local companies holding track records of Korea-bound investments, such as DB Schenker, AMDT, Prettl, and Wilo. Participants discussed further commitments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyunjo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity for in-person promotions of Korea’s FEZs across major investor countries and that outcomes of the event will be managed by KOTRA Business Centers.   date2025-05-23

Trade Minister meets China’s Ambassador to Korea

Korea’s Minister for Trade Inkyo Cheong met China’s Ambassador to Korea Dai Bing on May 21 in Seoul to discuss Korea-China economic cooperation. date2025-05-23

Trade Minister holds conference with Latin America’s ambassadors to Korea

Korea’s Minister for Trade Inkyo Cheong attended a conference with Latin America’s ambassadors to Korea, including Ambassador of the Dominican Republic to Korea Federico Alberto Cuello Camilo, on May 20 in Seoul to discuss Korea-Latin America trade and economic cooperation. date2025-05-23

Korea Trade Commission holds 460th meeting

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 460th KTC meeting today at the Government Complex Sejong for deliberation and resolution on one anti-dumping investigation and received a report on the roll-out of three other anti-dumping investigations. Regarding the anti-dumping investigations on Chinese and Taiwanese petroleum resin initiated in August 2024, the KTC gave the determination confirming the dumping of imports and its injury on domestic industries. Accordingly, the KTC will be proposing a five-year anti-dumping duty of between 2.26% and 18.52% on the said products to Korea’s economy and finance minister. The KTC also received a report on the launch of anti-dumping investigations on fiberboards imported from Thailand, Japanese and Chinese industrial robots, and Saudi Arabian butyl glycol ether (BGE). On the same day, the KTC held a public hearing on the domestic industry’s injury from dumped imports of Chinese hot-rolled carbon and other alloy steel plates, for which investigations were initiated in October 2024, to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of between 27.91% and 38.02% through April 24–August 23, 2025, and await a final determination in the latter half of this year following domestic and overseas due diligence procedures.   date2025-05-22

Deputy Trade Minister meets Papua New Guinea’s International Trade and Investment Secretary

Korea’s Deputy Minister for Trade Park Jong-won met Papua New Guinea’s International Trade and Investment Secretary Jacinta Warakai-Manua on May 14 at ICC Jeju on the sidelines of the 2025 APEC MRT Meeting and discussed bilateral trade issues. date2025-05-21

Minister Ahn meets U.S. Trade Representative

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Trade Representative Jamieson Greer on May 16 at ICC Jeju and reviewed the Korea-U.S. technical discussions held on May 1 and agreed to hold further consultations going forward. date2025-05-19

Deputy Trade Minister meets Chile’s Undersecretary for International Economic Relations

Korea’s Deputy Minister for Trade Park Jong-won met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed progress on the Korea-Chile FTA upgrade negotiations. date2025-05-19

Deputy Minister for Trade meets Canada’s Special Envoy for the Indo-Pacific

Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan on May 16 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed bilateral trade and investment cooperation. date2025-05-19