Ministry of Trade Industry and Resources

Korea’s exports jump 6.2 percent in July

The Ministry of Trade, Industry and Energy announced on August 1 that exports topped USD 51.9 billion in July, returning to year-on-year growth after a month of contraction.   The value of average daily exports advanced 4.0 percent compared to July 2017 to hit $2.2 billion, growing for three consecutive months. Average daily exports excluding ships jumped 15.1 percent to $2.1 billion, continuing a 21-month growth streak.   The volume of overall outbound shipments advanced 3.3 perce date2018-08-01

Minister Paik conducts site visit to SK Hynix

Minister of Trade, Industry and Energy Paik Ungyu (second from right) visited the site of SK Hynix, the nation’s second largest chipmaker, located in Icheon, Gyeonggi Province, in order to listen to challenges and difficulties facing the company in management and to discuss the policy direction to keep the Korean chipmaker competitive in the global market.   On the same day, Minister Paik also made a visit to the Samsung Electronics' chip-making site located in Pyeongtaek, Gyeonggi date2018-07-30

June retail sales climb 8.1 percent

The Ministry of Trade, Industry and Energy announced on July 30 that overall retail sales in June grew 8.1 percent from a year earlier, boosted by strong online sales.   Online sales surged 14.0 percent in June, continuing an eight-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 4.8 percent year-on-year, although their share of total sales decreased as online sales soared.   The Ministry of Trade, Industry and Energy estimates m date2018-07-30

Trade Minister meets US chief trade negotiator

Trade Minister Kim Hyun-chong (right) met with U.S. Trade Representative Robert Lighthizer to discuss the follow-ups for updating the Korea-US free trade agreement in Washington on July 27.    The two countries had reached an agreement in principle on reforming the six-year-old Korea-US trade pact in March 25 this year and since then, they have taken measures required for the signing.   The Minister also delivered Korea’s views to the U.S. chief trade negotiator on why t date2018-07-28

Ministry turns to deregulation drive for new growth engines

Minister of Trade, Industry and Energy Paik Ungyu vowed to ease regulations on new industries for future growth, such as hydrogen-powered vehicles, biohealth, and new energy businesses, during a discussion with business leaders in Seoul on July 24.    The discussion was attended by some 30 executives from relevant industries, including Korea Gas Corporation CEO Cheong Seung-il, Hyundai Motor Vice President Park Gwang-sik, and JNK Heaters President Kim Bang-hee, as well as officials f date2018-07-24

Trade Minister meets with NEC director to call for US car tariff exemptions

Trade Minister Kim Hyun-chong (left) met Larry Kudlow, Director of the U.S. National Economic Council (NEC), in Washington on July 20 and called on the U.S. government to exempt tariffs on the imports of Korean cars and car parts.   The Minister explained to the White House economic advisor that Korea should not be subject to the Section 232 tariffs on imported autos and auto parts. He said that the country has never posed a threat to the U.S. national security as its key ally and has rem date2018-07-21

Auto industry slows in June due to fewer working days

The Ministry of Trade, Industry and Energy announced on July 20 that car production, car exports, and domestic sales all saw year-on-year declines in June due to two fewer working days.   Automobile exports decreased 7.7 percent year-on-year to 218,874 vehicles in June 2018. In terms of value, they shrank 9.9 percent to USD 3.5 billion. This decrease is attributable to the export slowdown in the U.S. market and due to production increases in Korean automakers’ overseas plants.  date2018-07-20

South Korea, Canada discuss joint response to US auto tariffs

Trade Minister Kim Hyun-chong (right) and Canadian Minister of Foreign Affairs Chrystia Freeland discussed ways to cooperate against the U.S. Section 232 investigations into auto and auto parts imports in Canada on July 18.    Both Ministers agreed that the two countries, both of which are allied with the U.S. and have a trade pact with the U.S., should be exempted from possible new security-based tariffs. In addition, the officials underlined the need for joint actions against grow date2018-07-19

Minister Paik lectures on policy direction for industrial innovation

Minister Paik presented a policy direction to bring innovation into industries in a business forum for CEOs under the title of the “Industrial Innovation: New Challenges and Opportunities,' in Jeju on July 19.   About 700 corporate leaders in Korea attended the forum, which was organized by The Korea Chamber of Commerce (KCCI) , the nation’s largest business association. date2018-07-19

June ICT exports hit $19.1 billion

The Ministry of Trade, Industry and Energy announced on July 18 that exports of information and communication technology (ICT) goods in June were worth more than USD 19.1 billion. The monthly export figure is tied for the second-highest ever.   Exports of ICT goods in June surged 20.4 percent compared to a year earlier, achieving double-digit year-on-year growth for the 19th consecutive month, since December 2016.    ICT imports inched downward 3.0 percent year-on-year to $8.6 date2018-07-18