Ministry of Trade Industry and Resources

MOTIE holds emergency meeting to monitor domestic impact from Middle East situation

Trade, Industry and Energy Vice Minister Namho Choe held an emergency meeting on April 14 concerning Iran’s aerial attack on Israel on April 13 (local time) to assess the potential impact on domestic industries, export, energy prices, and supply chains with relevant authorities.   According to the assessment carried out by MOTIE and related institutions, the impact on Korea’s domestic industries is limited thus far, but the Government plans to closely follow and respond to future situation development.   At present, the supply of crude oil and LNG has not been disrupted, and oil and LNG carriers either navigating or loading near the Middle East regions are confirmed to be normally operating. Loading for exports and imports is also proceeding without setback. As for items other than crude oil and gas, there are no further identified critical items with high dependence on Middle East sourcing. Moreover, it is assessed that supply chain impact will be limited, as sourcing for bromine and other petrochemical items with relatively higher reliance on the Middle East can seek replacement with domestic production and alternative import channels.   Still, the Korean government plans to gear up for situation management through close monitoring on international oil prices and the impact on Korea’s economy by installing a comprehensive situation room headed by Vice Minister Choe to activate an emergency response team per each area, including oil, gas, trade, and supply chain, to communicate and monitor the situation on a daily basis with related countries and institutions.   Vice Minister Choe remarked that “The Government plans to closely monitor and examine the situation development with related institutions and industries,” and assured that efforts will be made to minimize impact on the Korean economy. date2024-04-15

Minister Ahn discusses investment with Korean firms in U.S.

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with representatives of Korean companies operating in the U.S. local market on April 11 in Washington D.C. to discuss investment issues and related support measures. date2024-04-13

Minister Ahn meets U.S. Representative Earl Blumenauer

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Earl Blumenauer on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets U.S. Representative Rudy Yakym

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Rudy Yakym on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13

Minister Ahn meets with U.S. Representative Buddy Carter

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Buddy Carter on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues.   date2024-04-13

Minister Ahn meets with U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Senator Marsha Blackburn on April 11 (local time) in Washington D.C. and discussed Korea-U.S. economic and trade cooperation, CHIPS Act, IRA incentives, and visa issues. date2024-04-13

Minister Ahn visits Heritage Foundation

Trade, Industry and Energy Minister Dukgeun Ahn visited the Heritage Foundation on April 11 in Washington D.C. (local time) and met with Anthony Kim, Research Fellow in Economic Freedom, Erin Walsh, Senior Research Fellow in International Affairs in the Asia Studies Center, and Diana Furchtgott-Roth, Energy, Climate, and Environment Center Director and the Herbert and Joyce Morgan Fellow in Energy and Environmental Policy, to discuss Korea-U.S. trade issues and bilateral industry and energy cooperation.   date2024-04-13

Minister Ahn meets with Wilson Center CEO

Trade, Industry and Energy Minister Dukgeun Ahn met with Mark Andrew Green, President and CEO of the Wilson Center, on April 10 in Washington D.C. and discussed Korea-U.S. trade issues and bilateral industry and energy cooperation. date2024-04-13

IPEF Supply Chain Agreement to take effect April 17 in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 12 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement will come into effect on April 17 in Korea.   Korea submitted its ratification documents on March 18, 2024, and the Agreement will enter into force after a 30-day period, on Wednesday, April 17. For the U.S., Japan, Singapore, Fiji, and India, the Supply Chain Agreement has taken effect as of February 24 this year; Korea will be the sixth country to ratify the said agreement.   As the first multilateral international agreement on supply chains, the IPEF Supply Chain Agreement is anticipated to contribute to establishing a more stable intraregional supply chain. During times of non-crisis, the 14 partner countries will cooperate to increase investment, enhance logistics, and push joint R&D projects for building supply chain resiliency. During crises, partner countries will be running a “Crisis Response Network” by which they can carry out joint response measures. date2024-04-12

Korea's automobile exports hit all-time high of $17.5 bln for Q1 in 2024

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 11 that Korea’s automobile exports hit all-time highs of USD 17.5 billion (up 2.7 percent year-on-year) for the first quarter of 2024 (January-March in acc.). The monthly export value reached $6.2 billion in March, making a quick rebound since the setback to $5.2 billion in February.   The key takeaway for March exports and domestic sales is the steep rise of hybrid vehicles (PHEVs excluded), advancing 37 percent to a record-breaking $0.9 billion. With the domestic market also selling 40,000 units (up 24 percent) in March, strong domestic and overseas demand for hybrid cars is expected to serve as a stable source of workload for the parts industry.   Automobile production in March amounted to 365,497 units (down 10.8 percent), surpassing last year’s monthly average (app. 354,000 units) and recording the highest among the first three months of this year. The year-on-year downtick in production is attributable to the lower number of working days (-1.5) and a major automaker’s production line renovation for future mobility transition.   Domestic sales in March added up to 146,019 units (down 12.0 percent). Meanwhile, hybrid cars (up 24 percent) and EVs (up 16 percent) posted double-digit growth, boosting the sales of eco-friendly vehicles 18.6 percent to 61,435 units, surpassing the previous all-time monthly high of approximately 58,000 units set in November 2023. date2024-04-11