Ministry of Trade Industry and Resources

Meeting with Viet Nam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Viet Nam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan in Suzhou, China, on May 23, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including Korea–Viet Nam trade and investment cooperation and supply chain issues. They also discussed expanding bilateral trade by implementing the Action Plan to Achieve USD 150 Billion in Trade and continuing multilateral cooperation with Viet Nam. date2026-05-27

Visit to Chinese Autonomous Driving Company Momenta

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Momenta, a Chinese autonomous driving technology company, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. Minister Yeo received a briefing on the company’s operations from Momenta officials and toured its autonomous vehicle site. date2026-05-27

Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The meeting brought together trade ministers from DEPA members, including New Zealand, Singapore, and Chile. Participants discussed key agenda items for the DEPA and reviewed the domestic procedures underway in Peru and Costa Rica, whose accession negotiations concluded in 2025. date2026-05-27

Meeting with New Zealand Minister for Trade and Investment Todd McClay

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with New Zealand Minister for Trade and Investment Todd McClay in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including Korea–New Zealand trade and investment cooperation and supply chain issues. They also agreed to strengthen cooperation on digital trade and supply chains through multilateral trade channels, including the Digital Economy Partnership Agreement (DEPA). date2026-05-27

Meeting with Suzhou Party Secretary Fan Bo

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Fan Bo, Secretary of the CPC Suzhou Municipal Committee, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed ways to strengthen cooperation between Korea and Suzhou, including investment and exchanges. date2026-05-27

Meeting with Singapore Minister-in-Charge of Trade Relations Grace Fu

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Singapore’s Minister-in-charge of Trade Relations Grace Fu in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including Korea–Singapore trade and investment cooperation and supply chain issues. date2026-05-27

Meeting with China International Trade Representative Li Chenggang

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Li Chenggang, China International Trade Representative and Vice Minister of Commerce, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including Korea–China trade and investment cooperation and supply chain issues. They agreed to continue cooperation to stabilize supply chains, including for critical minerals, and Minister Yeo asked China to improve predictability for companies by expanding the use of expedited and general licenses under its export control measures. date2026-05-27

Meeting with Australia’s Minister for Trade and Tourism Don Farrell

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Australia’s Minister for Trade and Tourism Don Farrell in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including bilateral trade and investment cooperation and supply chain issues. They also discussed cooperation to build stable supply chains for key energy and resource items, including LNG, critical minerals, and petroleum products. date2026-05-27

Meeting with ASEAN Secretary-General Kao Kim Hourn

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Secretary-General of ASEAN Kao Kim Hourn in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including the Korea–ASEAN FTA. Minister Yeo noted that ASEAN is Korea’s second-largest trading partner and a major investment destination, making it a central pillar of Korea’s economic cooperation, and the two sides agreed to consult closely so that negotiations to upgrade the Korea–ASEAN FTA, including in the digital area, can begin as soon as possible. date2026-05-27

Major Retailer Sales Up 7.2% in April 2026

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 brick-and-mortar retailers and 11 online retailers) in April 2026 rose 7.2 percent year-on-year, with offline sales up 6.7 percent and online sales up 7.5 percent. Offline sales increased at department stores (up 21.7 percent) and convenience stores (up 3.3 percent), while hypermarkets (down 6.6 percent) and super supermarkets (SSMs) (down 6.9 percent) declined. Department stores and convenience stores extended their growth streaks to ten consecutive months since July 2025. Department store sales increased across all categories, including premium international brands, fashion and apparel, accessories, and food. Convenience store sales also rose across all product categories, as early hot weather lifted sales of processed foods, including beverages, while ready-to-eat foods and household goods also posted gains. Hypermarket sales remained weak, as consumer spending continued to shift online and sales of food, their core category, stayed sluggish. This weakness has persisted since the second quarter of 2024. SSM sales also remained on a downward trend. Sales shares by channel were 60.3 percent for online retailers, 15.3 percent for department stores, 14.6 percent for convenience stores, 7.9 percent for hypermarkets, and 1.9 percent for SSMs. By product category, offline food sales declined, while online sales grew across all categories, including food, home appliances and electronics, fashion, and services. Cosmetics continued to post high growth, supported by strong demand for K-beauty. date2026-05-27