Ministry of Trade Industry and Resources

Minister Visits Indonesian President

Minister of Knowledge Economy Choi Joong-Kyung speaks with Indonesian President Susilo Bambang Yudhoyono on May 19 in Jakarta. Minister Choi requested the Indonesian President’s continued interest in economic cooperation between the two countries. date2011-05-24

Retail Sales Figures for April

The Ministry of Knowledge Economy has released its retail sales figures for the month of April. Sales at the nation's three major discount chains and its three major department store chains posted positive growth. Sales at the major discount chains increased 4.6 percent-largely because of higher spending on food, which accounted for 54.6 percent of all sales. Warmer weather drove up sales of sporting items, while discounts stimulated spending on apparel.     With more Saturdays in April, sales at the nation's three major department store chains went up 15.1 percent. Notably, spending on luxury goods jumped43.2 percent. Sales of household goods displayed double-digit growth for the fifth consecutive month as a result of home appliance promotions. Due to the increase in outdoor activities such as hiking, sales of children's goods and sporting items climbed 19.9 percent.       *Released by the Distribution and Logistics Division   date2011-05-20

Minister Commemorates 100th Day in Office

Minister of Knowledge Economy Choi Joong-Kyung held a press conference on May 4 in the Gwacheon Government Complex to mark his 100th day in office. date2011-05-17

Minister Welcomes Vietnamese Deputy Minister

Minister Welcomes Vietnamese Deputy Minister Minister of Knowledge Economy Choi Joong-Kyung meets with Vietnamese Deputy Minister of Industry and Trade Ho Thi Kim Thoa on May 5 in Seoul. Their discussion focused on cooperation on energy, industrial technology, and the construction of nuclear power plants date2011-05-17

MKE Releases Car Sales Figures for April

MKE Releases Car Sales Figures for April The Ministry of Knowledge Economy has released its car sales figures for April. Despite higher oil prices, the country's car production and export figureshit record levels. Sales of both domestic and imported cars showed a year-on-year increase. Korea produced 395,383 vehicles, posting a 3.5 percent increase from the same period the previous year. Production has shown positive growth for seven monthsin a row. New cars and imported vehicles performed well date2011-05-17

Korea, Cameroon to Cooperate on Minerals

Minister of Knowledge Economy Choi Joong-Kyung (center) stands with Cameroon’s Minister of Industry, Mines and Technology Development Badel Ndanga Ndinga and Korea Resources Corporation President Kim Shin-Jong at a signing ceremony on April 29 in Seoul. The two Ministers discussed cooperation on energy and resources and a memorandum of understanding establishing a mineral resources partnership between Korea and Cameroon was signed. date2011-05-12

Vice Minister Visits Colombian Energy Minister

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota following discussions on trade, investment and energy. date2011-05-12

Vice Minister Visits Colombia for Energy Meeting

Vice Minister for Trade and Energy Park Young June poses with Colombian Minister of Mines and Energy Carlos Rodado Noriega on April 29 in Bogota. Vice Minister Park was in the country for the second meeting of the Colombia-Korea Joint Committee for Energy and Resources Cooperation. date2011-05-12

Vice Minister Speaks with EU Climate Action Commissioner

Vice Minister Speaks with EU Climate Action Commissioner Vice Minister for Industry and Technology Ahn Hyunho greets EU Climate Action Commissioner Connie Hedegaard on May 2 in Seoul. Their discussion touched on climate change, green growth, and the Korea-EU Free Trade Agreement. date2011-05-12

IT Trade Figures for April

The Ministry of Knowledge Economy has released its IT trade figures for April. The trade balance in the information technology sector posted a $6.63 billion surplus, with exports up 5.6 percent year on year to record $13.3 billion. IT exports have now shown positive growth for 19 months in a row, and have surpassed the $13 billion mark for the past two months.   Exports of mobile phones, tablet PCs and lithium-ion rechargeable batteries displayed positive growth; meanwhile, outbound shipments of display panels, semiconductors and televisions declined. An upswing in smartphone exports pushed outbound shipments of all mobile phones up 32 percent to $2.32 billion. Exports of smartphones shot up 459 percent. Exports of mobile phones to the United States showed a notable increase, posting 89.8 percent growth.   Despite robust exports of tablet PCs (up 3.3 percent), outbound shipments of computers and related devices fell 12.2 percent to $590 million. With increased demand from the United States, exports of household devices gained 4.2 percent to reach $470 million. Lithium-ion rechargeable batteries displayed double-digit growth, climbing 13.7 percent.     Exports to major trading partners increased, but shipments to the European Union were an exception. With outbound shipments of mobile phones to Japan jumping 135.5 percent, exports of display panels to China grew 8.2 percent.   IT imports rose 11.1 percent compared with the same period the previous year to record $6.67 billion. With inbound shipments of semiconductors and display panels rising 4.8 percent and 6.2 percent, respectively, imports of electronic components gained 5.1 percent to reach $3.77 billion. Notably, inbound shipments of mobile phones surged 57.2 percent.   * Released by the Electronics and IT Policy Division     date2011-05-12