Ministry of Trade Industry and Resources

Trade Minister Yeo visits The Asia Group

Korea’s Minister for Trade Yeo Han-koo visited The Asia Group (TAG) in Washington D.C. on June 24 (local time) to discuss Korea-U.S. trade issues with TAG CEO Nirav Patel. date2025-06-25

Trade Minister meets U.S. Commerce Secretary & Trade Rep

Korea’s Minister for Trade Yeo Han-koo met with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer on June 23 (local time) during his first visit to Washington D.C. since taking office to discuss bilateral trade issues and mutually beneficial cooperation measures. date2025-06-24

Trade Minister Yeo visits Washington D.C. for high-level trade talks

Korea’s Minister for Trade Yeo Han-koo is making his first trip to Washington D.C. (starting June 22) since taking office to engage in ministerial-level Korea-U.S. consultations with key U.S. officials including U.S. Trade Representative Jamieson Greer and Secretary of Commerce Howard Lutnick for discussions on U.S. tariff measures and mutually beneficial solutions. Moreover, Trade Minister Yeo will be conveying Korea’s stance on U.S. tariff measures to U.S. lawmakers while also requesting the U.S. Congress’ support in facilitating a stable and predictable environment for Korean businesses investing in the U.S. with regard to the “One Big Beautiful Bill Act,” which contains amendments to tax credits under the Inflation Reduction Act of 2022 (IRA). Trade Minister Yeo stated that he will give full measure to gain mutually beneficial outcomes through in-depth consultations between the two countries. In view of the two sides’ close economic and industrial integration, the trade minister highlighted that he seeks to expand the friendly foothold in the U.S. for Korean businesses on the occasion of this visit to support Korean companies’ business activities. Meanwhile, Korea’s Deputy Minister for International Trade and Investment Park Jung-sung is accompanying the trade minister to Washington D.C. to lead Korea’s recently launched task force (TF) on Korea-U.S. trade negotiations in the third round of technical discussions with U.S. Trade Representative Greer from June 24–26. In this round, the TF and relevant ministries will aim to reach mutually acceptable solutions on both sides’ issues of interest.   date2025-06-23

Trade Minister meets AMCHAM Korea Chairman and CEO

Minister for Trade Yeo Han-koo met AMCHAM Korea Chairman and CEO James Kim on June 19 in Seoul to discuss Korea-U.S. trade issues. date2025-06-23

Trade Minister meets U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade Yeo Han-koo met with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the United States Mission in Korea, on June 18 in Seoul to discuss Korea-U.S. trade issues. date2025-06-19

Korea set to localize 30% of CNC systems by 2032

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korean company KCNC succeeded in localizing computerized numerical control (CNC) systems, which play an instrumental role in processing the majority of Korea’s machinery and equipment.  CNC refers to the use of computerized systems to control the manufacturing process of high-precision parts such as cutting, milling, and pressing, and is mainly used in integration with manufacturing equipment for producing machinery. While CNC is a key part of the machine industry, the high level of difficulty required to develop such systems has resulted in 80 percent of the global CNC market being split among Germany, Japan, and the U.S. With KCNC’s successful development of a CNC system, related industries are anticipating a localization rate of at least 30 percent by 2032. It was in 2019 that plans for CNC development began emerging in earnest in Korea, a time when materials, parts, and equipment (MPE) supply chains started gaining recognition for their importance. The plans were also triggered by the apprehension that setbacks in CNC supply, the entirety of which Korea was dependent on imports, may halt production lines nationwide for the manufacturing industry. CNC development by individual companies comes with limitations as the process calls for the simultaneous development of various hardware and software technologies, including those needed to produce the main body, motor, and interface. Accordingly, MOTIE launched a project team led by the Korea Institute of Machinery & Materials with the participation of over 20 related companies, research institutes, and academic experts. As a result, KCNC was born in the form of a joint venture by participating companies for collaboration on technological development and commercialization. After five years of development, field operators and experts finally conducted an objective evaluation last month in which they assessed that the CNC system developed has reached a level of performance similar to that of other advanced countries’ CNC systems in terms of major performance indices, such as machining error and surface quality. Meanwhile, there still exists room for improvement with respect to features like interface user friendliness and availability of different functions. Korea currently relies on imports for 95 percent of its CNC supply and even the remaining five percent of domestic products require foreign technology. In this regard, the recent CNC system development is expected to substantially stabilize Korea’s manufacturing supply chains and spur significant economic benefits. It is estimated that localizing 30 percent of domestic and overseas CNC demand will create an economic effect of around KRW 200 billion, equivalent to approximately USD 146 million. Swift after-sales service and customized product development are some added merits of localization. Starting next month, KCNC will enter a one-year demonstration phase for commercialization to conduct tests on high-speed and repeated procedures, processing with various materials and tools, equipment durability, and field performance. Four major buyer companies, occupying over 90 percent of CNC systems demand, are to participate in the demonstration process. These companies have already submitted letters of intent for purchase to finalize their purchase agreements should demonstration results verify that the developed CNC systems fulfill certain qualifications. Once the demonstration phase is completed successfully, the localized CNC systems will be up for purchase beginning 2026, with relevant industries forecasting that the systems will reach over 30 percent in domestic market share by 2032.   date2025-06-18

Eco-friendly auto sales surpass conventional cars in May

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s domestic automobile sales for the month of May 2025 increased 0.4 percent year-on-year to 141,865 units.  Eco-friendly vehicles took up 52 percent of total domestic automobile sales, surpassing the sales of internal combustion engine cars for the first time. The number of Korean electric vehicles (EVs) sold in the domestic market also soared 58.8 percent, thanks to the wider array of consumer choices with the recent rollout of new models across different car segments. Monthly automobile exports reached $6.2 billion, entering the $6 billion thresholds for the fourth consecutive month and recording second highest in exports for May. Eco-friendly vehicle exports hit an all-time high of 75,184 units (up 10.2 percent), driven by solid demand for hybrid electric vehicles (HEVs). Meanwhile, domestic automobile production declined 3.7 percent to 358,969 units.   date2025-06-17

Korea and Netherlands launch Future Chips Academy 2025

The Ministry of Trade, Industry and Energy (MOTIE) and Korea Institute for Advancement of Technology (KIAT) are launching the Korea-Netherlands Future Chips Academy 2025 from June 16–20 in the Netherlands to boost bilateral exchanges in raising high-quality semiconductor talents. Now in its second year, the Future Chips Academy is a joint Korea-Netherlands education program based on the two countries’ semiconductor business cooperation offering a specialized course for the training of highly-skilled global talents in areas of cutting-edge chip technology. During this year’s exchanges, 50 students taking master’s and doctoral courses at semiconductor specialization graduate schools in Korea are visiting leading Dutch institutions and companies such as ASML, NXP Semiconductors, imec the Netherlands (IMEC), and Eindhoven University of Technology (TU/e) to take part in various programs, including lectures and a team project challenge. It is anticipated that these exchanges will help Korean chip talents enhance their understanding on advanced chip technology trends while also building up Korea’s semiconductor R&D capacity. This year’s Future Chips Academy includes an in-depth discussion session on the topic of future chips to seek relevant measures for bilateral R&D cooperation and education, as well as lectures at local companies given by experts on patterning technology and automotive chips. On the last day, the team project challenge will have students share what they have learned and propose creative ideas for semiconductor technology development. In the coming months of July and August 2025, Korea Advanced Institute of Science and Technology (KAIST) and the Korea Semiconductor Academy are slated to engage in exchange programs, respectively, with the Netherlands’ Eindhoven University of Technology and Delft University of Technology. In September, 30 top graduates of the Korea Semiconductor Academy will be given the opportunity to participate in a five-day education program in the Netherlands through which they can acquire practical knowledge in the field and broaden their scope of experience.   date2025-06-16

Korea’s ICT exports climb 9.6% in May

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) announced today that Korea’s exports and imports of information and communications technology (ICT) goods for the month of May 2025 advanced 9.6 percent and 0.5 percent year-on-year, respectively, to USD 20.9 billion and $11.5 billion. The trade balance stood at a surplus of $9.4 billion. It is significant that ICT exports reached record highs for the month in spite of recent global trade uncertainties. By item, exports of semiconductors (up 21.2 percent), mobile phones (up 2.8 percent), computers/peripherals (up 1.7 percent), and communication devices (up 10.2 percent) achieved gains, whereas those of displays declined (down 17.5 percent). Semiconductor exports rose as fixed prices of major items like DRAMs and NAND flash rebounded and high value-added memory chips like HBMs and DDR5s retained strong growth momentum. Mobile phones expanded on the backs of demand for finished smartphone products and computers/peripherals increased in step with revived demand for solid-state drives (SSDs). Exports of communication devices were driven by rising demand for automotive communication systems in the U.S. and 5G equipment in India. In contrast, displays were negatively affected by trade uncertainties and sluggish global demand. By region, Korea’s May ICT exports increased to destinations like the U.S. (up 7.2 percent), Vietnam (up 15.7 percent), EU (up 1.5 percent), and Japan (up 12.5 percent), while those to China (including Hong Kong) (down 6.8 percent) contracted. Meanwhile, the uptick in ICT imports was led by items like computers/peripherals (up 37.4 percent), powered by AI-driven demand for datacenter GPUs (up 51.1 percent) as well as midrange and mainframe computers (up 130 percent).   date2025-06-12

Seoul International Forum on Trade Remedies 2025

Vice Minister Sungtaek Park attended the Seoul International Forum on Trade Remedies 2025 on June 10 at COEX in Seoul, held with the participation of 150 persons composed of representatives and experts of trade remedies institutions from 11 economies around the world, including the U.S., EU, China, and Japan, as well as the WTO. Vice Minister Park gave a congratulatory message, stating that in view of the increasing trade uncertainties, it is time that the international community join efforts for wisdom and cooperation. He also expressed hopes that the Seoul Forum will continue to serve as a platform facilitating international cooperation by catalyzing the development of global trade remedies systems. date2025-06-11