Ministry of Trade Industry and Resources

Retail sales up 6.7 percent in May, led by online sales

The Ministry of Trade, Industry and Energy announced on June 27 that overall retail sales in May expanded 6.7 percent from a year earlier on the back of strong online sales.   Online sales surged 17.2 percent, continuing a seven-month streak of double-digit growth.    Sales at brick-and-mortar retailers also advanced 1.2 percent year-on-year, led by sales growth at convenience stores and department stores.   All categories of retailers, except convenience stores, saw a date2018-06-27

Minister Paik underlines strategic industries at offshore wind power forum

Minister of Trade, Industry and Energy Paik Ungyu emphasized the importance of developing strategic industries during a speech to representatives from the energy industry at a forum on the industrialization of offshore wind power in Seoul on June 26.Mentioning the energy transition announced last year by the Moon administration, Minister Paik said that this forum would work as an opportunity to find measures to boost the wind power industry and to foster strategic industries for a successful ene date2018-06-26

ICT exports continue to show double-digit growth in May

The Ministry of Trade, Industry and Energy announced on June 18 that exports of information and communication technology (ICT) goods marked their fourth-highest monthly figure of USD 18.6 billion in May.Exports of ICT goods were up 20.6 percent compared to a year earlier, achieving double-digit year-on-year growth for the 18th consecutive month, since December 2016.ICT imports also jumped 9.0 percent year-on-year to $8.7 billion, and the trade surplus in this sector stood at $9.8 billion.The con date2018-06-18

Korea’s car exports rise in value in May, thanks to green cars, SUVs

The Ministry of Trade, Industry and Energy announced on June 15 that the value of both car and car part exports saw year-on-year growth in May, while the export volume inched downward.Cars and car part exports increased in terms of dollar value by 1.9 percent to USD 3.6 billion and by 14.7 percent to $2.1 billion, respectively. One of the factors that influenced this rise is higher sales prices, as more eco-friendly cars and sport utility vehicles (SUVs) were shipped. Exports of eco-friendly car date2018-06-15

Korea, China discuss joint industrial complexes

Deputy Minister of International Trade and Legal Affairs Kim Chang-kyu (center) of the Ministry of Trade, Industry and Energy and Chinese Vice Minister of Commerce Gao Yan had the second meeting for cooperation between Korea and China on industrial complexes in Yancheng, China, on June 12.During the meeting, the two ministers agreed to start a pilot project that could create new industry clusters, and to discuss details for the Korea-China investment cooperation fund. The two governments also ag date2018-06-12

Minister Paik, Chinese commerce minister agree to strengthen bilateral ties

Minister of Trade, Industry and Energy Paik Ungyu (left) met with Chinese Commerce Minister Zhong Shan to discuss measures to expand bilateral economic cooperation and trade issues, in Beijing on June 5.   During the meeting, Minister Paik called for the Chinese government’s support in resolving challenges that Korean companies face or could face while doing business in China. The minister also urged for more investments from Chinese investors into Korea, especially to the Saem date2018-06-05

Trade Minister, European Commission discuss trade

Trade Minister Kim Hyon-chong (left) met European Commissioner for Trade Cecilia Malmström and other EU officials, to discuss trade issues in Paris on June 1.   During the meeting, Trade Minister Kim raised concerns about safeguard investigations into imported steel products currently being carried out by the EU, and suggested measures to improve current multilateral trade rules in light of the fourth industrial revolution.    Trade Minister Kim is visiting Europe this we date2018-06-02

Trade Minister attends OECD Ministerial Council Meeting

Trade Minister Kim Hyon-chong attended the annual Ministerial Council Meeting at the Organisation for Economic Co-operation and Development (OECD) in Paris on May 31.    This year’s meeting, chaired by France, was attended by economic and trade ministers from 37 OECD member states, including the U.S., Canada, and Australia.    During the meeting that took place under the theme of “Reshaping the foundation of multilateralism for more responsible, effective and date2018-06-01

Trade Minister meets Canadian counterpart

Trade Minister Kim Hyon-chong (left) met Canadian Minister of International Trade Francois-Philippe Champagne in Paris on May 31.    During the meeting, the two discussed trade issues between the two nations, such as the U.S steel tariffs based on Section 232 of the Trade Expansion Act.    The ministers are visiting Paris to attend the annual Ministerial Council Meeting at the Organisation for Economic Co-operation and Development. date2018-06-01

Korean exports grow 13.5 percent in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports grew 13.5 percent year-on-year to USD 50.9 billion in May.   The growth rate turned to double digits for the first time since January 2018. In terms of volume, the May figures recorded the fifth largest monthly export figures ever.    Average daily exports rose 10.8 percent year-on-year to $2.4 billion, returning to growth from a decline seen in last month's year-on-year figure.  &n date2018-06-01