Ministry of Trade Industry and Resources

New MOTIE Minister Holds Meeting to Promote Exports

    New Minister of Trade, Industry and Energy Joo Hyunghwan hosted a meeting of agencies in charge of supporting the country's exports in Seoul yesterday.   During the meeting, Minister Joo explained the government's policies related to exports and stressed the need to find innovative ways to promote overseas shipments. date2016-01-21

MOTIE New 2nd Vice Minister Takes Office

MOTIE New 2nd Vice Minister Takes Office   The Ministry of Trade, Industry and Energy (MOTIE)'s new Second Vice Minister Woo Taehee has taken office, replacing his predecessor Moon Jae-do who served the ministry 34 years.   The new vice minister visited the country's biggest liquefied petroleum gas (LPG) charging station in Seoul yesterday as his first official outside activity after inauguration.   He also delivered a New Year message at an annual gathering of about 200 governmen date2016-01-19

ROK, China and Japan Hold 9th Round of FTA Talks

  The Republic of Korea, China and Japan held the ninth round of high-level negotiations for their free trade agreement (FTA) in Tokyo today.   During the talks, the ROK's Deputy Trade Minister Kim Hak-do and his Chinese and Japanese counterparts discussed details of the trilateral FTA. date2016-01-18

New MOTIE Minister Joo Hyunghwan Takes Office

    New Minister of Trade, Industry and Energy Joo Hyunghwan, previously Vice Finance Minister, took office in Sejong yesterday, replacing Yoon Sang-jick who served in the top post for almost three years.   In his inauguration speech, the new minister pledged to innovate South Korea's industrial policies across the board to reinvigorate the country's economy amid slowing global growth.   After the inauguration ceremony, Minister Joo visited Hoong-A Corp., a local manufacturer of packaging machinery, as his first official outside activity.     date2016-01-14

Sales Trends by Major Retailers in November 2015

  □ The sales by major retailers, including those of department stores and convenience stores increased from a year earlier, while those of hypermarkets and super supermarkets fell in Nov. 2015. □ The sales of convenience stores have increased in large percentages for ten consecutive months since Feb. 2015. □By product group, the sales of food, commodities, and miscellaneous goods decreased for all major retailers except for convenience stores.   date2015-12-30

Automobile Industry Trends for November 2015

    □ The volume of South Korean automobile exports and production decreased by 3.5 percent and 2.8 percent, respectively, while domestic sales increased by 14.4 percent. This was attributed to reduced exports to emerging markets, reduction in individual consumption tax, the effect of new model releases, and strong sales of multi-purpose vehicles.   □ : Production decreased by 2.8 percent from a year earlier to 395,004 units despite an increase in domestic sales. This decrease was attributable to reduced export volume including Accent, Genesis, and Santa Fe and halt in production of diesel models, SM5 and QM5.   □ : Domestic sales increased by 14.4 percent from a year earlier to 165,570 units. This was attributable to strong sales of multi-purpose vehicles and launches of new models.   - Sales of imported cars increased by 28.0 percent from a year earlier to 26,100 units.   □ : Exports decreased by 3.5 percent from a year earlier to 263,687 units. This was mainly attributable to demand contraction in emerging markets such as Russia and Latin America.   date2015-12-30

Export and Import Trends for November 2015

      □ South Korea’s exports fell 4.7 percent to $44.4 billion and imports decreased 17.6 percent to $34.1 billion in November from a year earlier, resulting in a trade surplus, for the 46th consecutive month, of $10.4 billion.   By product, exports of most of the key items decreased, while those of mobile telecom devices increased. Exports of ships jumped sharply in November. By region, exports to most regions decreased, while those to Vietnam continued to increase. Exports to Europe turned positive.   : Imports of major raw materials and capital products decreased, while imports of consumer products remained on a rising trend.   ○ The recent downturn in the nation’s exports eased in November. Most of the change was attributable to a decrease in the number of exports from a year earlier, along with an increase in the delivery of offshore plants by the ship sector   ○ Imports of raw materials fell sharply due to lower prices. This resulted in a surplus in excess of USD 10 billion.   ○ Exports of items that are strongly affected by the price of oil decreased by USD 2.3 billion. Most of this was due to a further drop in the price of oil. Renovations to production and other facilities also played a part.   ○ The decline in exports of items that are strongly affected by the price of oil should moderate in December. Overall exports are expected to continue falling in November, however, due to continuing sluggish demand for such major items as semiconductors.   date2015-12-28

South Korea's FTAs with China, Vietnam and New Zealand Take Effect December 20

    The Republic of Korea (South Korea)'s free trade agreements with China, Vietnam and New Zealand went into effect on December 20.   The new FTAs came into force as South Korea steps up efforts to reinvigorate its economy amid slowing global demand and low oil prices. date2015-12-24

MOTIE 2nd VM Moon Attends WTO's 10th Ministerial Meeting

    MOTIE 2nd VM Moon Attends WTO's 10th Ministerial Meeting   The Ministry of Trade, Industry and Energy (MOTIE)'s Second Vice Minister Moon Jae-do attended the World Trade Organization (WTO)'s 10th ministerial conference held in Nairobi, Kenya, from Dec. 15 to Dec. 19.   In a keynote speech at this year's gathering, VM Moon stressed the importance of the multilateral trade system of the WTO for the national economic growth and development of its member countries. date2015-12-24

Korean students to intern in the UAE

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 22 that Korean college students will intern at the Emirates Nuclear Energy Corporation (ENEC) during the winter vacation this year.     A total of 27 nuclear engineering majors at 10 different universities will have the opportunity to have real job experience at the headquarters of ENEC in Abu Dhabi and nuclear power plant construction site in Barakah from January 3 to February 18, 2016.     The ENEC Int date2015-12-22