Ministry of Trade Industry and Resources

Trade Minister meets German State Secretary

Trade Minister Kim Hyon-chong (left) met German State Secretary Ulrich Nussbaum at the Federal Ministry for Economic Affairs and Energy to discuss trade issues between the two nations in Germany, on May 28.    During the meeting, Trade Minister Kim outlined Korea’s views on the safeguard investigation currently being undertaken by the EU into imported steel products, and discussed other trade-related issues, such as the U.S. steel tariffs based on Section 232 of the Trade Expan date2018-05-30

Retail sales jump 6.3 percent in April

The Ministry of Trade, Industry and Energy announced on May 30 that overall retail sales increased 6.3 percent in April from a year earlier, as growth in online sales remains robust.   Online retail sales rose 15.9 percent year-on-year in April, while sales at brick-and-mortar retailers showed a modest growth rate of 1.0 percent year-on-year over the same period.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2018-05-30

Korea, China hold inaugural energy dialogue

Director General for Energy Industry Policy Park Sung-taek from the Ministry of Trade, Industry and Energy (fourth from right) led the first Korea-China Energy Cooperation Dialogue, in Seoul on May 29.    The meeting was attended by Korean and Chinese government officials and representatives from energy industries, including gas, utilities, new and renewable energy, and smart energy.   During the meeting, participants finalized details for an MOU covering LNG cooperation and r date2018-05-29

Korea, MERCOSUR begin trade negotiations

Trade Minister Kim Hyon-chong (third from left) announced the launch of negotiations on the trade agreement between Korea and the MERCOSUR group, alongside his counterparts from the MERCOSUR member states of Brazil, Argentina, Paraguay, and Uruguay, in Seoul on May 25.   The representatives at the ceremony included Uruguayan Foreign Minister Rodolfo Nin Novoa, Paraguayan Foreign Minister Eladio Loizaga, Brazilian Foreign Minister Aloysio Nunes Ferreira, Argentine Secretary for Intern date2018-05-25

[Press Release] Korea, MERCOSUR launch trade talks

Korea, MERCOSUR begin trade negotiationsMinistry of Trade, Industry and EnergyMay 25, 2018  Seoul, Korea - His Excellency, Trade Minister of the Republic of Korea Kim Hyun-chong, met with His Excellencies, Eladio Loizaga for Paraguay, in charge of the Pro Temporary Presidency, Aloysio Nunes Ferreira Filho for Brazil and Rodolfo Nin Novoa for Uruguay, Foreign Ministers of the MERCOSUR Member States, the Minister of Industry, Foreign Trade and Services of the Federative Republic of Brazi date2018-05-25

Minister Paik meets with Chinese counterpart to discuss bilateral ties

Trade, Industry and Energy Minister Paik Ungyu (right) met with Chinese Minister of Industry and Information Technology Miao Wei to discuss measures to boost Korea-China cooperation across a wide range of industries, including electric vehicle (EV) batteries, in Seoul on May 24.   During the third Korea-China Industry Ministerial Meeting, Minister Paik and Minister Wei agreed to support Korean battery makers in the Chinese market, expand cooperation in battery test procedures and battery date2018-05-24

Korea, EU agree to expand cooperation on clusters

Vice Minister of Trade, Industry and Energy Lee In-ho (left) signed an administrative arrangement to cooperate on clusters between the Ministry, the Korea Industrial Complex Corporation and the European Commission's Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), in Brussels on May 23.    Director-General of the DG GROW Lowri Evans also attended the signing.    In accordance with the arrangement, Korea and the EU will plan more meet date2018-05-23

Korean auto part exports, EV sales grow in April

The Ministry of Trade, Industry and Energy announced on May 17 that exports of Korean automobile parts rose 6.6 percent year-on-year to USD 2.0 billion in April, thanks to a recovery in the Chinese market and to export growth in emerging economies.   A breakdown of auto part exports showed that outbound shipments to all major regions except North America increased. Nevertheless, North America remained as the biggest importer, purchasing $670 million worth of Korean auto parts.   Ho date2018-05-17

Minister Paik talks past, future with Thai PM

Minister of Trade, Industry and Energy Paik Ungyu (left) and Thai Prime Minister Prayuth Chan-o-cha recapped the past 60 years of diplomatic ties between Korea and Thailand and discussed ways to expand trade and investment between the two economies during a meeting in Bangkok on May 16.Marking the 60th anniversary of the diplomatic relationship between the two countries, Minister Paik first thanked the Thai government for its continual support for Korea, from dispatching troops to the peninsula date2018-05-16

ICT exports post $17.2 billion in April

The Ministry of Trade, Industry and Energy announced on May 16 that Korea’s exports of information and communications technology (ICT) in April were worth USD 17.2 billion.   Also, exports of tech goods in April 2018 grew 10.9 percent year-on-year, continuing double-digit growth for 17 consecutive months now.    Imports in April rose 10 percent to $8.7 billion, with most of the growth coming in semiconductors and computers and peripheral devices.   Korea's trade s date2018-05-16