Ministry of Trade Industry and Resources

Trade Minister Hosts Strategy Meeting for APEC Business Events

Korea’s Minister for Trade Yeo Han-koo hosted a strategy meeting for upcoming Asia-Pacific Economic Cooperation (APEC) business events on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. Following his opening remarks, the trade minister reviewed relevant agency preparations and discussed control tower operations and cooperative measures to achieve tangible outcomes from the APEC business events. The strategy meeting brought together officials from the Korea Trade-Investment Promotion Agency, KCCI, the Korea Institute of Startup & Entrepreneurship Development, and the APEC Preparation and Support Bureau. date2025-08-21

Minister Kim Meets US Senators to Strengthen Bilateral Cooperation

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with US Senators Tammy Duckworth of Illinois (the Democratic Party) and Andrew Kim of New Jersey (the Democratic Party) in Seoul on August 19, 2025. The two sides discussed measures to strengthen bilateral cooperation and expand investment in shipbuilding and other industries. Illinois is home to numerous Korean logistics, appliance, and auto parts companies thanks to its excellent transportation infrastructure and workforce. New Jersey hosts North American branches of major Korean corporations and businesses across diverse sectors including electronics, food, and machinery. During the meeting, Minister Kim requested unwavering attention and support for Korean companies that have established operations in both states, and throughout the US. To ensure further bilateral economic ties, he also emphasized the importance of stable and consistent policies that facilitate investment in the US. The minister cited Hanwha Philly Shipyard near New Jersey as a successful example of shipbuilding cooperation between the two countries, noting the collaboration between the Korean shipbuilder and the state in sourcing qualified professionals and rebuilding the shipbuilding ecosystem. He expressed hope that the US Congress would support diversifying bilateral shipbuilding cooperation from merchant ships to naval vessels, emphasizing Korea’s world-class shipbuilding capabilities and technology as a reliable partner for the US. Both sides agreed on the need to develop new policies and enhance bilateral partnership in a shifting trade landscape. Meanwhile, the Ministry of Trade, Industry and Energy plans to provide support for industries prone to recent tariff changes and devise mid- and long-term measures to strengthen industrial competitiveness and respond to the evolving trade environment. date2025-08-21

Korea’s Auto Industry Posts Comprehensive Growth in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 19 that Korea’s automobile exports, domestic sales, and production all rose year-on-year in July, marking a solid start to the second half of 2025. Automobile exports grew for the second consecutive month, reaching $5.8 billion (up 8.8 percent year-on-year). This was driven by a 5.8 percent rise in new vehicle exports and a 17.0 percent surge in eco-friendly vehicle exports, namely electric vehicles (EVs, up 12.3 percent), hybrid vehicles (up 18.1 percent), and plug-in hybrid vehicles (up 31.7 percent). By destination, automobile exports to the EU climbed 32.7 percent to $0.7 billion, while those to non-EU regions soared 78.7 percent to $0.6 billion year-on-year. Exports to the Middle East declined 13.8 percent to $0.4 billion, largely due to the ongoing Israel-Iran conflict. Meanwhile, domestic sales of eco-friendly vehicles set a new monthly record in July, accounting for 55.3 percent of total automobiles sold in Korea. In particular, EV sales spiked 69.4 percent year-on-year to nearly 26,000 units. As of July 30 (US local time), Korea and the US agreed to set tariffs on automobiles and auto parts at 15 percent, easing much of the trade uncertainty. The Korean government plans to support the automobile industry in swiftly adapting to the new trade environment and secure growth momentum through financial aid, technology development, and new market opportunities. date2025-08-20

Trade Minister Hosts Strategy Meeting for Upcoming APEC Business Events

Korea’s Minister for Trade Yeo Han-koo hosted a strategy meeting on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry in Seoul to ensure meaningful economic outcomes from upcoming Asia-Pacific Economic Cooperation (APEC) business events. In line with the 2025 APEC Economic Leaders' Meeting week scheduled for October, various events will be held, including the CEO Summit, Invest KOREA Summit, and Export Boom-Up Korea Week. The strategy meeting brought together relevant agencies to review overall progress and discuss cooperative measures for tangible outcomes. At the meeting, the Ministry of Trade, Industy and Energy considered ways to attract respected figures in the global business arena and launched the control tower for the APEC business events. The control tower seeks to produce concrete results, such as fostering communication and partnerships between domestic and overseas companies, promoting investment and export, and identifying new collaborative projects. In his opening remarks, Trade Minister Yeo stated that the recent conclusion of US tariff negotiations eased some export uncertainties; however, other risks remained, including the decline of the multilateral trading system and the growing trend of protectionism. He added, “We must ensure that this year’s APEC business events serve as a springboard for companies to take another leap forward.” He also noted that global attention is focused on the APEC 2025 KOREA, which is being held amid sweeping changes in the trade landscape. The minister stressed, “We must demonstrate open leadership as a middle power by facilitating cooperation between APEC member economies and contributing to regional economic revitalization.” This year marks the first time in 20 years that Korea is serving as APEC Chair. The APEC 2025 KOREA will be the largest international event hosted by the new administration and serve as a major opportunity to behold the country’s economic resilience and mature democracy. date2025-08-19

Vice Minister Meets Oman’s Undersecretary of the Ministry of Energy and Minerals

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Oman’s Undersecretary of the Ministry of Energy and Minerals H.E. Mohsin Hamad Al Hadhrami on Monday, August 18, 2025, at Conference House Dalgaebi in Seoul. The two sides discussed cooperation in energy sectors, such as green hydrogen, renewable energy, and plants. date2025-08-19

Trade Minister Meets US Representatives

Korea’s Minister for Trade Yeo Han-koo met with US Representatives Beth Van Duyne and Richard McCormick on Thursday, August 14, 2025, at The Plaza Hotel in Seoul to discuss bilateral economic cooperation and trade negotiations. date2025-08-19

Trade Minister Meets Japanese Ambassador to Korea

Korea’s Minister for Trade Yeo Han-koo met with Japanese Ambassador Extraordinary and Plenipotentiary to Korea Mizushima Koichi on Thursday, August 14, 2025, at the Korea Chamber of Commerce and Industry in Seoul. The two sides discussed tangible measures to strengthen bilateral economic cooperation in industries, trade, and energy. date2025-08-19

Minister Visits Hanwha Ocean’s Shipyard

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan visited Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea, on Thursday, August 14, 2025. During his first industrial site visit since taking office, the minister attended the naming ceremony for two very large liquefied natural gas carriers, where he delivered congratulatory remarks and celebrated alongside Hanwha Ocean CEO Kim Hee-cheul and other officials. The minister then toured specialty shipyards before visiting the maintenance, repair, and overhaul site for Charles Drew, the 3rd US naval vessel currently at the Geojeo Shipyard. Encouraging employees and crew members, he also met with Kim Yoo-chul, leader of Hanwha Ocean’s labor union, to express appreciation for workers’ dedication to the rebound of Korea’s shipbuilding industry. date2025-08-19

Korea’s Shipbuilding Takes Another Leap with MASGA Project

[Naming Ceremony for LNG Carriers] Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. This marked his first industrial site visit following his appointment to the ministerial position. The two vessels are the first and second of five LNG carriers, worth a total of USD 1.2 billion, ordered in 2022 by a US LNG production company. They will be used for the global export of US-produced LNG. The vessels are categorized as very large LNG carriers, each with a capacity of 200,000㎥, enough to transport roughly one day’s worth of LNG consumption for the Korean population in a single shipment. They are symbolic examples of the “Make American Shipbuilding Great Again (MASGA)” collaborative project between Korea and the US, in that a Korean shipbuilder constructed vessels to transport US-sourced energy. In his congratulatory speech, Minister Kim stated that the MASGA project would support the US shipbuilding industry through investment in shipyards, skilled workforce training, and re-establishment of supply chains, while creating new market opportunities for Korean companies. He added that the Korean government would promptly form a council of related agencies and work closely with the US government to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site for Charles Drew, the 3rd US naval vessel currently at Hanwha Ocean’s Geoje Shipyard. He encouraged Hanwha employees and crew members, stating, “Shipbuilding cooperation between Korea and the US begins with MRO for US vessels. We hope our shipbuilding technology will revive Charles Drew, just as we did with the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Lastly, Minister Kim met with Kim Yoo-chul, Leader of Hanwha Ocean’s labor union and Chairman of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the rebound of Korea’s shipbuilding industry. Emphasizing that workplace safety must be a shared priority for labor, management, and the government alike, he called for all parties to work together as a team to prevent industrial accidents and ensure safe shipyard operations. In the first meeting of its kind between a MOTIE minister and a shipyard labor union leader, the minister also expressed hope that employees at the site would actively support the MASGA project, adding it would create new opportunities for Korea’s shipbuilders. date2025-08-14

Korea’s ICT Exports Surge 14.4% in July

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on August 14 that Korea’s exports of ICT goods in July 2025 climbed 14.5 percent year-on-year to USD 22.2 billion, while imports grew 9.8 percent to $13.3 billion. The trade balance recorded a surplus of $8.9 billion. Despite policy uncertainties, including the announcement of new US tariffs, ICT exports reached an all-time high for the month of July. Semiconductor exports, in particular, achieved a record-breaking performance for four consecutive months. Semiconductor exports spiked 31.2 percent year-on-year, driven by rising contract prices for DRAM and NAND memory, alongside sustained global demand for high-value memory products such as HBM and DDR5. Communication device exports rose 4.6 percent, supported by demand for automotive communications equipment in the US and 5G equipment in Japan. Exports of displays (down 8.9 percent), mobile phones (down 21.7 percent), and computers/peripherals (down 17.1 percent) all declined; however, strong exports of finished smartphone products partially offset the drop. By destination, ICT exports increased to the US (up 11.9 percent), Vietnam (up 16.4 percent), the EU (up 18.0 percent), and Japan (up 23.9 percent), while exports to China (including Hong Kong) fell 5.6 percent. ICT imports in July rose 9.8 percent year-on-year to $13.3 billion, driven by gains in semiconductors (up 9.2 percent), mobile phones (up 19.3 percent), and computers/peripherals (up 15.6 percent). date2025-08-14