Ministry of Trade Industry and Resources

Deputy Trade Minister attends Korea-Africa Economic Cooperation Public-Private Support Group launching ceremony

Deputy Minister for Trade Yang Byeong-nae attended the launching ceremony of the Korea-Africa Economic Cooperation Public-Private Support Group on February 6 in Seoul for ground-breaking development of bilateral economic relations on the occasion of the Korea-Africa Summit 2024 scheduled for this June.   Deputy Minister Yang gave an opening message and led discussions on the summit preparation and relevant institutions’ plans for collaboration with African nations.   The meeting was attended by representatives of economic, trade and investment institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), Federation of Korean Industries (FKI) and K-SURE. date2024-02-06

Korea launches public-private support group for upcoming first summit with Africa

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 6 the launching of the Korea-Africa Economic Cooperation Public-Private Support Group (“Support Group”) by the Korea Chamber of Commerce and Industry (KCCI) on the occasion of the Korea-Africa Summit 2024 scheduled this June, with aim to achieve ground-breaking development in bilateral economic relations.   Composed of representatives from more than 30 relevant organizations ranging from economic groups, trade and investment assisting institutions and major public companies and institutes of trade, industry and resources sectors, the Support Group will serve as a joint public-private platform for gaining outcomes between Korean and African firms and reviewing the major cooperation agendas with 54 African nations over the four months remaining until the June summit.   Rich in critical minerals, Africa is a vast market of 1.4 billion with a GDP of over USD 3.4 trillion. Noting that cooperative ties between Korea and Africa have potentially far more to offer, MOTIE has been making effort since last year to establish a solid basis for trade cooperation like the Economic Partnership Agreement (EPA) and the Trade and Investment Promotion Framework (TIPF), building networks between trade and investment promotion institutes and furthering collaboration across the critical minerals supply chain. MOTIE plans to jump-start the sprint towards this year’s $700 billion export target with the upcoming Korea-Africa summit in view of these prospects.   Chair of the first Support Group meeting, Deputy Minister for Trade Yang Byeong-nae asked that members strive to obtain far-reaching outcomes in developing the Korea-Africa economic cooperation through the first bilateral summit. date2024-02-06

Minister Ahn meets with Australia's Minister for Resources and Northern Australia

Trade, Industry and Energy Minister Dukgeun Ahn met with Madeleine King, Australia’s Minister for Resources and Minister for Northern Australia, on February 2 in Seoul to discuss bilateral cooperation measures in energy and resources areas, including critical minerals, carbon capture and storage (CCS) and natural gas, as well as issues faced by Korean companies in relation with Australia’s energy regulations. date2024-02-05

Korea and Australia discuss cooperation in critical minerals, natural gas and CCS

Trade, Industry and Energy Minister Dukgeun Ahn met with Madeleine King, Australia’s Minister for Resources and Minister for Northern Australia, on February 2 in Seoul to discuss bilateral cooperation measures in energy and resources areas, including critical minerals, carbon capture and storage (CCS) and natural gas, as well as issues faced by Korean companies in relation with Australia’s energy regulations. Both countries shared the need to diversify the supply chain and reduce reliance on other countries for critical minerals and agreed to make further effort to expand their scope of cooperation from upstream areas like exploration, development and production to downstream areas like refining, smelting and processing. Next, the two ministers agreed to promptly proceed with procedures necessary for the Korea-Australia CO2 transport agreement to smoothly implement the CCS investment project for transporting the CO2 captured in Korea for permanent storage in Australia’s depleted gas reservoirs. Minister Ahn conveyed the concerns expressed by Korean firms regarding the extension of the Australian Domestic Gas Security Mechanism (ADGSM) to 2030 and asked for clarification of the Australian safeguard mechanism standards of carbon emission reduction duties on greenhouse gas emissions-intensive facilities. date2024-02-05

Minister Ahn attends Emergency Economy Ministerial Meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 8 during the Emergency Economy Ministerial Meeting the measures for hands-on regulatory innovation to nurture Korea into a global hydrogen powerhouse.   Minister Dukgeun Ahn stated that “for accelerating the clean hydrogen economy and nurturing the hydrogen industry as a new sector, it is of the utmost importance to promptly lay down the safety standards,” and added that MOTIE will continue to uncover and tackle challenges that companies face on site.   The meeting was chaired by Deputy Prime Minister Choi Sang-mok and attended by officials from the Ministry of Agriculture, Food and Rural Affairs (MAFRA), Ministry of Culture, Sports and Tourism (MCST) and other relevant ministries. date2024-02-02

MOTIE to push regulatory innovation to nurture Korea into global hydrogen powerhouse

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 8 during the Emergency Economy Ministerial Meeting the measures for hands-on regulatory innovation to nurture Korea into a global hydrogen powerhouse. In the recent rapid development of the global electrolysis market and Korea’s prowess in clean hydrogen, the Government is making effort to speedily respond to these changes by uncovering five key areas, including production, distribution and utilization, for regulatory improvement to be spearheaded by the public-private joint consultative group for hydrogen industry regulatory innovation. Regarding 49 project tasks for regulatory improvement uncovered through site inspections and business conferences, MOTIE plans to work together with relevant ministries for immediate improvement on 25; for 13 of the remaining, MOTIE will review and decide through demonstrations. It is anticipated that the regulatory innovation measures will not only help companies build global competitiveness in areas like electrolysis and liquid hydrogen but also contribute to the timely establishment of infrastructure for Korea’s clean hydrogen ecosystem scheduled for activation in 2027. Meanwhile, Korea Gas Safety Corporation and civil experts will be actively engaging throughout the entire innovation process to lay out safety standards and legal modifications that cater to the public’s awareness and understanding. Minister Dukgeun Ahn stated that “for accelerating the clean hydrogen economy and nurturing the hydrogen industry as a new sector, it is of the utmost importance to promptly lay down the safety standards,” and added that MOTIE will continue to uncover and tackle challenges that companies face on site. date2024-02-02

Trade Minister attends Ottawa Group trade ministers’ meeting

Minister for Trade Inkyo Cheong attended the Ottawa Group trade ministers’ videoconference on February 1, held to review the key agenda items of the upcoming World Trade Organization (WTO)'s 13th Ministerial Conference (MC13) and discuss measures to facilitate the WTO reform and other outcomes.   The meeting was attended by the trade ministers of the 14 member countries of the Ottawa Group and WTO Director General Ngozi Okonjo-Iweala. date2024-02-02

Vice Minister attends SEMICON Korea 2024 Industry Leadership Dinner

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the SEMICON Korea 2024 Industry Leadership Dinner on January 31 at Grand InterContinental Seoul Parnas and held talks with Semiconductor Equipment and Materials International (SEMI) Chairman Ajit Manocha to discuss cooperation with Korean and overseas semiconductor companies.   During his Industry Leadership Dinner congratulatory message and talks with Chairman Manocha, Vice Minister Kang stated that “this year, we are seeing the beginning of the end of the global chip industry’s downturn, with the global chip market projected to grow by over 14 percent year-on-year in 2024,” and highlighted that “the Korean Government is aiming to nurture a robust semiconductor ecosystem within the mega cluster that was announced on January 15 by establishing a cutting-edge testbed, providing 24 trillion won in policy funding over the next three years and stabilizing the supply chain via cooperation through the global chip solidarity.” date2024-02-02

Trade Minister discusses measures for WTO reform at Ottawa Group meeting

Minister for Trade Inkyo Cheong attended the Ottawa Group trade ministers’ videoconference on February 1, held to review the key agenda items of the upcoming World Trade Organization (WTO)'s 13th Ministerial Conference (MC13) and discuss measures to facilitate the WTO reform and other outcomes.   At the Ottawa Group meeting, trade ministers discussed measures for gaining meaningful outcomes through MC13 based on the unofficial discussions for the full normalization of the dispute settlement system in 2024 and exchanged views on strengthening the deliberative function on global trade challenges like industrial policies, climate change and inclusiveness. They also discussed the outcomes of the investment facilitation for development and extension of the moratorium on imposing customs duties for electronic transmissions.   Trade Minister Cheong emphasized the need for close collaboration within the Ottawa Group at MC13 in addressing the WTO’s dispute settlement system reform and stronger deliberative function. Moreover, he asked for the Ottawa Group’s cooperation concerning the investment facilitation for development and stressed the need to maintain the e-commerce moratorium. date2024-02-01

Korea's exports advance 18% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 1 that Korea’s export value for January 2024 increased 18.0 percent year-on-year to USD 54.7 billion. Imports decreased 7.8 percent to $54.4 billion and the trade balance stood at a surplus of $0.3 billion.   January monthly exports recorded $54.7 billion (up 18.0 percent), growing for the fourth consecutive month and achieving the first double-digit growth since the 21.4 percent jump made in May 2022. Factoring in the number of working days, the average daily export value for January climbed 5.7 percent to $2.3 billion and monthly shipments gained 14.7 percent, increasing for the fifth consecutive month.   By item, 13 out of 15 major export items increased in exports, recording the highest number of items posting growth since May 2022 when 14 items achieved growth. To note, semiconductors soared 56.2 percent, the biggest climb made in 73 months and advancing for the third consecutive month.   Automotive exports (up 24.8 percent) reached an all-time high for January monthly export value at $6.2 billion, growing for the 19th consecutive month.   General machinery (up 14.5 percent) and home appliances (up 14.2 percent) grew for the 10th and eighth consecutive month, respectively, while displays (up 2.1 percent) and ships (up 76.0 percent) both increased for the sixth consecutive month. Petrochemicals (up 4.0 percent) and bio health (up 3.6 percent) improved for the third consecutive month.   Meanwhile, computers (up 37.2 percent) snapped the losing streak that persisted for 18 months since June 2022, and steel (up 2.0 percent), petroleum products (up 11.8 percent), automotive parts (up 10.8 percent) and textiles (up 8.5 percent) all broke their downward streaks as well.   By destination, eight of the nine major markets saw growth in January. Notably, China and the U.S. surpassed the $10 billion thresholds for the sixth and fifth consecutive month, respectively.   Exports to China (up 16.1 percent) snapped the losing streak for the first time in 20 months with $10.7 billion.   Exports to the U.S. (up 26.9 percent) continued the growth pace for the sixth consecutive month, hitting an all-time high for January monthly value at $10.2 billion.   Meanwhile, exports to India (up 5.6 percent) also amounted to a record-breaking $1.5 billion, and exports to ASEAN (up 5.8 percent) and Japan (up 10.6 percent) both increased for the fourth consecutive month.   Exports to the EU (up 5.2 percent), Latin America (up 28.2 percent) and the Middle East (up 13.9 percent) showed growth as well.   Korea's January imports declined 7.8 percent year-on-year to $54.4 billion. The import of crude oil (up 6.0 percent) increased, but that of gas (down 41.9 percent) and coal (down 8.2 percent) dropped, shrinking overall energy imports by 16.3 percent. Non-energy imports contracted 4.7 percent.   The trade balance stood at a $0.3 billion surplus for January, continuing on the surplus pace for the eighth consecutive month since June 2023. It is noted that every January usually records a steep deficit, but this year’s trade balance improved by $13 billion year-on-year, boosted by strong exports.   * Short version date2024-02-01