Ministry of Trade Industry and Resources

March 2026 Automobile Exports Reach $6.4 Billion

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in March 2026, Korea’s automobile industry posted year-on-year increases in exports, domestic sales, and production. March automobile exports reached USD 6.4 billion, the second-highest value on record for the month, behind only the $6.5 billion recorded in March 2023. In particular, hybrid vehicle exports rose 79 percent year-on-year, driving overall export growth. In the first quarter of 2026, however, automobile export value edged down 0.2 percent. By region, first-quarter automobile exports increased mainly to Europe, including the European Union (up 14.2 percent), but fell in Asia (down 38.9 percent) and the Middle East (down 21.3 percent), likely reflecting the impact of the conflict in the Middle East. Domestic sales totaled 165,000 units in March, up 10.2 percent year-on-year, while first-quarter sales rose 5.3 percent to 409,000 units. Eco-friendly vehicles, including electric vehicles, accounted for 98,000 units, or about 59 percent of domestic sales. Production totaled 387,000 units in March, up 4.5 percent year-on-year, as major automakers raised output amid gains in exports and domestic sales. First-quarter production also rose 1.3 percent year-on-year to 1.026 million units, marking the fourth consecutive year that first-quarter output exceeded 1 million units. MOTIR is closely monitoring risks to parts procurement and logistics supply chains in light of the recent conflict in the Middle East. It will continue close consultations with industry and step up support to sustain growth in production and exports. date2026-04-15

MOTIR Reviews Supply Risks and Response Measures for Naphtha and Crude Oil

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry, and Resources (MOTIR) held a meeting on April 15, 2026, to review Korea’s supply conditions naphtha and crude oil and discuss response measures, as uncertainty in the Middle East persisted despite the U.S.-Iran ceasefire. Although tensions in the Middle East have eased for the time being, key risks remain, including uncertainty over passage through the Strait of Hormuz and broader disruptions to maritime shipping. Korea therefore needs to closely monitor supply risks and review response options, as 73 percent of its naphtha imports and 69 percent of its crude oil imports come from the Middle East. The meeting was attended by officials from relevant ministries, including the Ministry of Oceans and Fisheries (MOF) and the Ministry of Foreign Affairs (MOFA), as well as representatives from the shipping, refining and petrochemical industries. It brought together the full industrial chain, from crude oil transport and refining to the production of industrial, medical, and consumer goods. Participants reviewed import conditions for naphtha and crude oil, alternative shipping routes, and production and supply plans for petroleum products. They also shared their on-the-ground conditions, operational challenges, and policy suggestions. Minister Kim said, “We will do everything possible to minimize disruptions to people's daily lives and maintain industrial operations by diversifying supply sources for naphtha and crude oil and securing alternative logistics routes.” He added, “MOTIR will work closely with industry and relevant ministries and deploy all available policy tools to address on-the-ground difficulties without delay.” Korea will launch a KRW 674.4 billion program to support additional naphtha imports. The program will cover 50 percent of the difference between pre-war prices and actual import prices for naphtha contracted between April and June. To help ease short-term supply pressures, it will also apply to naphtha substitutes such as LPG and condensate, as well as basic petrochemical feedstocks including ethylene and propylene. Furthermore, the government will accelerate naphtha imports to help restore operating rates affected by naphtha shortages following the conflict and expand domestic supplies of petrochemical products. To minimize disruptions to people's lives, the government will work with petrochemical companies to prioritize feedstock supplies for health and medical products, key industries, and everyday necessities. The government will also expand freight-cost support for crude oil imports from the Americas, Africa, and Europe to diversify supply sources. Under the revised oil import surcharge refund program, it will fully offset the additional freight costs relative to Middle Eastern crude for imports from those regions during April-June, increasing refunds by an estimated KRW 127.5 billion. date2026-04-15

MOTIR to Increase Win-Win Trade Finance to KRW 10 Trillion in 2026

At a ministerial roundtable held on April 14, 2026, the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced plans to increase win-win trade finance to KRW 10 trillion by the end of 2026. The move comes amid heightened external uncertainty linked to the war in the Middle East. Formally known as the Export Supply Chain Strengthening Guarantee, the program is a public-private financing model that connects exporters, commercial banks, and policy finance institutions through partnerships between large enterprises and SMEs. Since Hyundai Motor and Kia joined the program in August 2025, HL Group, POSCO, and HD Hyundai Heavy Industries have also joined. Kolmar and MUSINSA joined on April 14, 2026, bringing the total amount mobilized under the program to KRW 1.7 trillion. Until then, the program had been adopted mainly by heavy industries such as the automotive, steel, and shipbuilding sectors, but it has now expanded to consumer goods as well. At the roundtable, Kolmar and MUSINSA each signed an agreement with Woori Bank under the program. Kolmar, which supports the K-beauty industry through the supply of cosmetic ingredients R&D, will contribute KRW 10 billion, providing KRW 174 billion in liquidity support for more than 160 partner companies, including SMEs and mid-sized firms. MUSINSA, a leading K-fashion company, will contribute KRW 5.75 billion, providing KRW 100 billion in liquidity support for more than 200 micro and SME partner companies. Given the large number of micro and small suppliers in consumer goods industries, the government will also strengthen tailored support measures, including online direct guarantees to accelerate access to small-ticket trade finance. The government will also use the supplementary budget to provide KRW 3 trillion in emergency trade finance for companies affected by the war in the Middle East. It will increase financing support for key importers in sectors facing heightened supply-chain pressures, including petrochemicals and energy; expand short-term export insurance for companies seeking alternative export markets; and provide emergency liquidity support for SMEs facing logistics disruptions and uncertainty surrounding raw material imports. Separately, Woori Bank signed an additional memorandum of understanding (MOU) with the Korea Trade Insurance Corporation (K-SURE) to expand the KRW 3 trillion productive finance program for exporters. Minister Kim said, “Win-Win trade finance is more than a support program. It is a key safety net for Korea’s industrial ecosystem and supply chains. By sharing responsibility for supporting partner companies, large enterprises and financial institutions help sustain Korea’s export competitiveness, and the government will work to expand this model quickly." date2026-04-15

Minister JK Kim Visits SP Samhwa

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited SP Samhwa, a manufacturer of paints for shipbuilding, automobiles and housing, in the Banwol-Sihwa Industrial Complex in Ansan, Gyeonggi Province, on April 13, 2026. During the visit, company officials briefed him on operations and business challenges, and he reviewed production and supply conditions for essential petrochemical items used in everyday products and key industries. “Since April 10, 2026, the government has streamlined import registration procedures under the Act on the Registration and Evaluation, etc. of Chemical Substances, allowing faster imports of raw materials. We ask the industry to cooperate in stabilizing paint supply and prices,” Minister Kim said. date2026-04-14

Minister JK Kim Visits Lotte Packaging Solutions

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Lotte Packaging Solutions, a manufacturer of packaging materials for instant noodles, in the Banwol-Sihwa Industrial Complex in Ansan, Gyeonggi Province, on April 13, 2026. During the visit, company officials briefed him on operations and business challenges, and he reviewed production and supply conditions for essential petrochemical items used in everyday products and key industries. “To prevent shortages of food packaging and other everyday-use products, we will closely monitor packaging-material supply through a pan-government task force involving the Ministry of Trade, Industry and Resources (MOTIR), the Ministry of SMEs and Startups (MSS), and the Ministry of Food and Drug Safety (MFDS),” Minister Kim said. date2026-04-14

Minister JK Kim Visits Daeduck Electronics

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Daeduck Electronics, a producer of semiconductor packaging materials (PCB substrates), in the Banwol-Sihwa Industrial Complex in Ansan, Gyeonggi Province, on April 13, 2026. During the visit, company officials briefed him on operations and business challenges, and he reviewed production and supply conditions for essential petrochemical items used in everyday products and key industries. “We will maintain stable supplies of petrochemical products so that there is no disruption not only to daily necessities but also to production in national key industries such as semiconductors,” Minister Kim said. date2026-04-14

Minister JK Kim Visits AD CHEMTECH

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited AD CHEMTECH, a manufacturer of packaging materials for syringes and IV solutions, at the Banwol-Sihwa Industrial Complex in Ansan, Gyeonggi Province, on April 13, 2026.    During the visit, company officials briefed him on operations and business challenges, and he reviewed production and supply conditions for essential petrochemical items used in everyday products and key industries. “MOTIR, working with relevant ministries and industry, resolved supply concerns over packaging materials for IV solutions and syringes. We will continue to manage supplies thoroughly so that there is no disruption in health and medical products essential to public health,” Minister Kim said. date2026-04-14

March ICT Exports Top $40 Billion for First Time, Trade Surplus Hits Record High

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Science and ICT (MSIT, Deputy Prime Minister and Minister Bae Kyung-hoon) announced on April 15, 2026, that Korea’s ICT exports in March reached USD 43.5 billion, up 112.0 percent year-on-year. Imports rose 32.2 percent from $12.2 billion to $16.2 billion, resulting in a trade surplus of $27.4 billion. In March 2026, ICT exports exceeded $40.0 billion for the first time, extending their growth streak to 14 consecutive months despite the conflict in the Middle East. The ICT trade surplus also reached a new record high, following the record set in February 2026. ICT products accounted for 50.5 percent of Korea’s total exports, which stood at $86.1 billion, reinforcing ICT’s role as a key driver of Korea’s economic growth. By product, exports increased for semiconductors (up 151.4 percent), mobile phones (up 57.0 percent), and computers and peripherals (up 174.1 percent), but decreased for displays (down 9.3 percent) and communication equipment (down 5.8 percent). Semiconductor exports surpassed $30.0 billion for the first time on strong memory demand amid global AI server investment and higher quarter-end shipments. Mobile phone exports rose on strong sales of newly launched premium models and stronger demand for high-value parts. Computers and peripherals also exceeded $3.0 billion for the first time, as solid demand and higher prices for server SSDs kept SSD exports on a triple-digit growth trajectory. Display exports, by contrast, declined as OLED exports fell on softer downstream demand. Communication equipment exports also fell due to weaker U.S. demand for automotive electronics equipment following increased local production. By destination, exports increased in all major markets: the United States (up 189.0 percent), China, including Hong Kong (up 141.0 percent), the European Union (up 89.9 percent), Taiwan (up 82.0 percent), Vietnam (up 48.0 percent), India (up 45.6 percent), and Japan (up 33.9 percent). ICT imports totaled $16.2 billion in March 2026, up 32.2 percent from $12.2 billion a year earlier, as imports increased across most major ICT categories: semiconductors (up 35.3 percent), displays (up 7.7 percent), mobile phones including parts (up 74.8 percent), and computers and peripherals (up 47.4 percent). date2026-04-14

MOTIR Approves 8 Business Restructuring Plans in Semiconductors and Batteries

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that it approved eight business restructuring plans, including those submitted by Seoul Semiconductor and UTI, at the 51st meeting of the Business Restructuring Review Committee. The approved companies plan to invest a combined KRW 249.6 billion and hire 402 people over the next five years as they implement the plans. Among the approved companies, Seoul Semiconductor, a display components maker, will enter the AR glasses display module market based on its core micro-LED technologies. UTI will use its high-precision glassmaking technologies, including ultrathin glass, to move into glass substrates for semiconductor packaging. GSR Tech (Geo Seong Recycling Tech) will extract and recycle lithium from refractories discarded after use in battery cathode material production and supply raw materials for cathodes, moving beyond its current business of installing refractories in steel blast furnaces. Kunwoo Metal will use an AI-based autonomous manufacturing model to upgrade its production process and develop annular gears for electric vehicles, leveraging its manufacturing expertise in bearings and transmission components for internal combustion engine vehicles. Kim Ju-hoon, the Committee’s private-sector chair, commended the companies for their efforts to enter new markets and seek new sources of growth despite difficult conditions at home and abroad, and said the Committee will continue to support business restructuring. A MOTIR official said, “Business restructuring gives companies a fresh opportunity for growth and remains a key tool for upgrading Korea’s industrial structure. MOTIR will strengthen support measures, including institutional improvements, to help facilitate business restructuring.” date2026-04-14

MOTIR Minister Conducts a Series of On-Site Inspections of Petrochemical Production Sites

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited four companies on April 13, 2026, to inspect the production and supply conditions of essential petrochemical products directly related to public health, daily necessities, and key industries. The companies use petrochemical materials to manufacture packaging for syringes and IV solutions, food packaging, paint, and semiconductor components. At AD CHEMTECH, Minister Kim explained how MOTIR, in cooperation with relevant ministries and petrochemical companies, resolved potential supply disruptions affecting packaging materials for IV solutions and syringes. He said the government would ensure that supplies of health and medical products essential to public health remain uninterrupted. At Lotte Packaging Solutions, Minister Kim said the government would closely monitor the supply of packaging materials through an interagency task force comprising MOTIR, the Ministry of SMEs and Startups (MSS), and the Ministry of Food and Drug Safety (MFDS) to prevent shortages affecting food packaging and other everyday consumer products. At SP Samhwa, Minister Kim noted that the government had streamlined import registration procedures under the Act on the Registration and Evaluation, etc. of Chemical Substances on April 10, 2026, thereby facilitating faster imports of raw materials. He also called on the industry to cooperate in stabilizing the supply and prices of paint. At Daeduck Electronics, Minister Kim said the government would ensure a stable supply of petrochemical products so that the production of daily necessities and operations of key national industries are not disrupted. Minister Kim stressed, “We are giving top priority to preventing even a single day of disruption in the supply of health and medical products, daily necessities, and inputs for key national industries. MOTIR and the relevant ministries remain in close coordination and are prepared to take immediate action whenever necessary.” MOTIR has established a task force of approximately 40 members to manage the supply and demand of key petrochemical items and is monitoring daily inventory levels and supply trends for each item. The ministry also plans to support rapid import of naphtha through an import cost-offset program included in the supplementary budget passed by the National Assembly at a plenary session on April 10, 2026, in response to war in Iran In addition, MOTIR will introduce a regulation prohibiting the hoarding of petrochemical products and feedstocks, and authorizing prompt and appropriate supply-and-demand adjustment measures in the event of disruptions. date2026-04-13