Ministry of Trade Industry and Resources

G20 Trade Ministerial

Minister for Trade Park Jung-sung of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the G20 Trade Ministerial held in Milwaukee, Wisconsin, on September 30, 2026. Trade ministers and senior representatives from 20 G20 members, including the United States, the EU, Australia and Türkiye, attended the meeting. Minister Park took part in discussions on the weaponization of food, structural overproduction, forced labor and reform of the Most-Favored-Nation (MFN) principle. Minister Park emphasized the importance of international cooperation based on market principles and multilateral rules in addressing global trade challenges. date2026-10-05

Minister for Trade of MOTIR Emphasizes International Cooperation for Fair Trade and Resilient Supply Chains at G20

Minister for Trade Park Jung-sung of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the G20 Trade Ministerial held in Milwaukee, Wisconsin, from September 30 to October 1, 2026, to discuss responses to global supply chain challenges and key trade issues. Beginning with the Global Forum on Steel Excess Capacity (GFSEC) Ministerial Meeting on the morning of September 30, 2026, Minister Park participated in four sessions during the two-day G20 plenary: the weaponization of food through coercive trade action; structural excess capacity and overproduction; reforming the Most-Favored-Nation (MFN) principle; and eliminating forced labor in global supply chains. He actively presented the Korean government's positions during the discussions. During the meeting, Minister Park also held bilateral talks with counterparts from the United States, China, the European Union, the United Kingdom, Japan, India, Türkiye, Australia, Indonesia, Saudi Arabia and Brazil. The talks covered FTAs; supply chains and economic security; industrial and resource cooperation; and trade issues facing Korean companies. 1. Global Forum on Steel Excess Capacity (GFSEC) Ministerial Meeting Minister Park attended the GFSEC Ministerial Meeting from 8 to 10 a.m. (local time) on September 30, 2026. GFSEC is an international consultative forum launched in 2016 to jointly address global steel excess capacity. It currently has 28 members, including Korea, the United States, the EU and Japan. According to the OECD, global steel excess capacity is projected to reach 745 million metric tons in 2028, the highest level in the past decade. Members shared the view that overproduction by some non-members had placed steel industries in member countries under serious pressure. In response, member representatives adopted a Ministerial Statement emphasizing the need to address excess capacity and restore fair competition, along with a Framework Agreement setting out the details. The Framework Agreement covers information-sharing on excess capacity, the collection of data on the origin of crude steel, and cooperation on trade remedies. At the meeting, Minister Park said, “Addressing excess capacity requires adherence to basic principles, including voluntary corporate restructuring and trade remedies consistent with WTO rules.” He particularly stressed that efforts by GFSEC members to maintain a sound and orderly market environment must not lead to excessive protection beyond international rules. Minister Park also outlined Korea's three policy directions for the steel industry: voluntary capacity rationalization by companies; fostering an environment for fair competition; and strengthening the industry's future competitiveness through measures including lower-carbon and higher-value production. He also emphasized cooperation among GFSEC members to build resilient supply chains. 2. G20 Trade Ministerial At the plenary sessions of the G20 Trade Ministerial held from September 30 to October 1, 2026, Minister Park shared Korea's policy experience concerning the weaponization of food, structural overproduction, MFN reform and forced labor. He emphasized the importance of international cooperation based on market principles and multilateral rules. Weaponization of Food: Creating a Transparent and Predictable Food Trade Environment Minister Park first attended the session on the weaponization of food on September 30, noting that the issue has recently emerged as an important and timely item on the international trade agenda. He stressed that food should under no circumstances be used as a tool of economic or political coercion and that addressing the weaponization of food requires an inclusive approach that takes into account both food-exporting and food-importing countries. Structural Overproduction: Responding through Market Principles and International Cooperation date2026-10-02

September Exports Reach Record $120.9 Billion, Trade Surplus Hits Record $49.9 Billion

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that in September 2026, Korea’s exports rose 83.5 percent year-on-year to USD 120.94 billion. Imports increased 26.0 percent to $71.09 billion, resulting in a trade surplus of $49.85 billion. September exports rose 83.5 percent to $120.9 billion, exceeding $120.0 billion for the first time. Cumulative exports from January to September 2026 reached $814.5 billion, surpassing the 2025 annual record of $709.3 billion. Semiconductor exports rose 263 percent, while non-semiconductor exports increased 23 percent. Average daily exports, adjusted for working days, rose 105 percent to $5.63 billion, exceeding $5.0 billion for the first time. By item, exports increased in 11 of Korea’s 20 key export items. In IT, semiconductor exports rose 262.8 percent to $60.30 billion, exceeding $60.0 billion for the first time as memory demand continued to grow, with export volumes continuing to expand and contract prices maintaining their upward trend. Computer exports rose 435.3 percent to $7.00 billion as adoption of agentic AI expanded and demand for AI infrastructure continued to grow. Wireless communication device exports increased 23.4 percent to $2.14 billion, marking 11 consecutive months of growth, supported by strong sales of premium models such as the Galaxy Z8 series and Galaxy S26 Ultra, as well as increased exports of components for iPhones. Automobile exports edged down 5.5 percent to $6.05 billion, reflecting a base effect from the Chuseok holiday shifting from October in 2025 to September this year and weaker used-car exports. Average daily automobile exports, however, rose 5.5 percent. Ship exports rose 29.9 percent to $3.76 billion as deliveries of LNG carriers and very large gas carriers (VLGCs) increased. Petroleum product exports rose 72.0 percent to $7.22 billion, while petrochemical exports increased 5.1 percent to $3.95 billion. The increases came as international oil prices rose sharply amid fewer vessel transits through the Strait of Hormuz and heightened shipping risks in the Red Sea. Export volumes, however, fell 6.9 percent for petroleum products and 19.1 percent for petrochemicals. Meanwhile, secondary battery exports rose 14.0 percent to $0.72 billion, marking a fifth consecutive month of growth as export volumes increased with the expansion of the ESS market and unit prices rose on higher mineral prices. Steel exports posted modest growth of 3.3 percent to $2.24 billion despite tighter import restrictions in major markets, including U.S. tariffs and EU TRQs, as demand from AI data centers, particularly in the United States, increased. General machinery exports edged down 3.2 percent to $4.07 billion. Improving PMIs in the United States and China and increased investment in overseas factories supported higher exports of machinery parts and other items, but fewer working days and higher logistics costs weighed on overall exports. Cosmetics exports rose 31.4 percent to $1.51 billion, reaching an all-time high as shipments increased across major markets, including China, the United States, ASEAN, and the EU. Agricultural and fisheries product exports fell 4.7 percent to $1.11 billion. Exports of noodles, sauces, and other products remained strong, but factors such as fewer working days weighed on overall exports. By destination, exports increased in six of Korea’s nine major markets. Exports to China surged 122.7 percent to $26.01 billion, exceeding $20.0 billion for a fourth consecutive month. Although exports of some items, including petrochemicals, remained weak, growth was led by semiconductors, wireless communication devices, and computers. Exports to the United States jumped 137.0 percent to $24.33 billion, with major items such as semiconductors, petroleum products, and general machinery posting broad-based gains. Automobile exports also increased, supported by date2026-10-01

MOTIR to Foster Anchor Mid-Sized Enterprises with Proprietary Technologies

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a meeting with representatives of mid-sized enterprises at HANA Micron, a mid-sized enterprise specializing in semiconductor back-end processing, in Asan on October 1, 2026. At the meeting, Minister Kim announced the Third Basic Plan for Promoting the Growth of Mid-Sized Enterprises (2026–2030).   The event was organized to present the government’s future policy direction for mid-sized enterprises at an industrial site, with the aim of helping them grow into key players in reinvigorating the Korean economy and leading its industrial ecosystem.   The Special Act on the Promotion of Growth and the Strengthening of Competitiveness of Middle-Standing Enterprises was enacted in 2014 as temporary legislation and made permanent in 2023, and has since supported the development of mid-sized enterprises. Under the Act, the government has set the overall direction and strategies for mid-sized enterprise policy through two previous basic plans and is now announcing the third.   Mid-sized enterprises account for just 1.5 percent of all companies in Korea, but account for 15 percent of production, 18 percent of exports and 14 percent of employment. They form the backbone of the Korean economy and serve as its “Middle Power,” linking large enterprises and small and medium-sized enterprises (SMEs). In particular, 85 percent of mid-sized manufacturers are materials, parts and equipment (MPE) companies, supporting Korea’s industrial ecosystem and supply chains.   However, the number of companies growing from SMEs into mid-sized enterprises has recently declined, while more mid-sized enterprises are reverting to SME status. Structural barriers also persist: companies lose support and benefits as they grow from SMEs into mid-sized enterprises, resulting in a “support cliff,” while mid-sized enterprises face more regulation as they grow into large enterprises, resulting in a “growth hurdle.”   Third Basic Plan for Promoting the Growth of Mid-Sized Enterprises   With these challenges in mind, the government plans to pursue four strategies under the vision of “The Middle Power of the Korean Economy at the Center of Dynamic Growth.”   (1) Strengthen Core Capabilities: KRW 1 Trillion Deca-core Project to Help Mid-sized Enterprises Grow into Global Super Suppliers   MOTIR plans to foster “anchor mid-sized enterprises” that own proprietary technologies and intellectual property (IP). To this end, it will launch the Deca-core Project, a KRW 1 trillion initiative running from 2027 through 2035. Under the project, mid-sized enterprises will work with universities, research institutes and other partners to secure 10 technologies with a substantial competitive edge at the system level, moving beyond individual materials and parts.   A planning committee comprising industry representatives and technology and supply chain experts will be formed by the end of this year to identify candidate projects. Support will cover technology development across the core materials, parts, equipment, processes and finished products that make up each system, and extend to commercialization and overseas expansion, including patents, standards, market access and certification.   MOTIR also plans to support the independent development of items that mid-sized enterprises need in their operations and that are either subject to supply-chain bottlenecks or heavily dependent on overseas sources. It will identify candidate items based on trade data and industry demand surveys, and support companies in developing core technologies and having their technologies incorporated into global customers’ specifications.   (2) Strengthen the Growth Ladder: Rejuvenate Growth from SMEs to Mid-sized and Large Enterprises & date2026-10-01

Korea to Host Second Round of Green Economy Partnership Agreement Negotiations

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) will host the second round of negotiations for the Green Economy Partnership Agreement (GEPA) in Seoul from September 30 to October 2, 2026. In negotiating this plurilateral agreement, participating countries will discuss trade rules for the green economy and cooperative measures to expand trade and investment. The Office of Trade Negotiations at MOTIR said around 20 delegates from Korea, New Zealand, Singapore and Chile will participate in the negotiations. New Zealand, Singapore and Chile previously announced plans to pursue GEPA on the sidelines of the APEC Economic Leaders’ Meeting in October 2025 and subsequently launched negotiations in Singapore in July 2026. Korea formalized its participation in GEPA through an exchange of letters between the trade ministers on September 11, 2026, and will now take part in the negotiations beginning with this second round. GEPA aims to establish common standards among participating countries for trade-related climate measures such as the European Union’s Carbon Border Adjustment Mechanism (CBAM) and facilitate trade in low-emission goods, including low-carbon steel. This round of negotiations will focus on criteria for identifying low-emission and environmental goods, measures to expand trade in these products, and cooperation on the use of sustainable aviation fuel (SAF) in the aviation sector. “With the second round of negotiations, Korea’s participation in GEPA has entered a substantive phase,” said Kim Jang-hee, Director General for Emerging Trade Strategy and Policy at MOTIR. “We will engage actively in the negotiations so that efforts to address climate change and expand green markets can help Korean industry strengthen its competitiveness and secure an early foothold in new markets.” date2026-09-29

Korea–Mexico Business Forum and MOU Signing Ceremony

Minister for Trade, Industry and Resources JK Kim attended an MOU signing ceremony in Mexico on September 25, 2026, during President Lee Jae Myung’s state visit to Mexico, together with Mexico’s Secretary of Economy Marcelo Ebrard. Companies and institutions from the two countries signed MOUs covering areas including aerospace, automotive parts, and the promotion of bilateral trade and investment. Minister Kim said the forum and MOUs would help broaden bilateral cooperation into promising areas and create new opportunities for the two economies to grow together. date2026-09-29

Meeting with Mexico’s Secretary of Economy

Minister for Trade, Industry and Resources JK Kim met with Mexico’s Secretary of Economy Marcelo Ebrard in Mexico on September 25, 2026, during President Lee Jae Myung’s state visit to Mexico. The two ministers discussed ways to accelerate bilateral trade and investment and strengthen cooperation in industry and resources. Minister Kim underscored Korea’s role as a reliable supply chain partner for Mexico and stressed the importance of a stable institutional framework for expanding bilateral trade and investment. date2026-09-29

Korea Accelerates Economic Cooperation with Mexico, a Key Hub in North American Supply Chains

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) signed the Korea–Mexico Initiative for Economic, Industrial and Resources Cooperation during President Lee Jae Myung’s state visit to Mexico. Korea and Mexico also agreed to launch a Joint Benefit Study in preparation for future trade agreement negotiations. In addition, the two countries held the Korea–Mexico Business Forum and K-Selection Plaza in Mexico City and signed four private-sector memoranda of understanding (MOUs), marking key economic diplomacy outcomes of the visit. 1. Korea and Mexico Sign Initiative for Economic, Industrial and Resources Cooperation Following the Korea–Mexico summit on September 24, 2026, Minister Kim of MOTIR and Mexico’s Secretary of Economy Marcelo Ebrard signed the Initiative for Economic, Industrial and Resources Cooperation in the presence of the two presidents. The two sides agreed that the initiative would provide an opportunity to strengthen bilateral economic cooperation and agreed to continue working together for mutual benefit. For its implementation, Korea and Mexico will establish a joint committee to discuss cooperation on minerals and resources and improvements to the business environment to protect the interests of companies operating in each country. The two sides also plan to strengthen cooperation between the Korea Trade-Investment Promotion Agency (KOTRA) and Mexico’s Global Economic Intelligence Unit (UIEG) to promote bilateral trade and investment. 2. Bilateral Meeting with Mexico’s Secretary of Economy Marcelo Ebrard Minister Kim held a separate bilateral meeting with Mexico’s Secretary of Economy Marcelo Ebrard in Mexico City on September 25, 2026. Minister Kim made the case for a bilateral trade agreement and asked Secretary Ebrard to help address difficulties faced by Korean companies operating in Mexico. Minister Kim noted that Mexico’s recent tariff increases on goods from countries with which it has no FTA have worsened the business environment for Korean companies operating in Mexico, not only causing losses but also reducing incentives for further expansion and investment in the country. He stressed the importance of a stable institutional framework for expanding bilateral trade and investment. Minister Kim also emphasized that Korea is a reliable supply chain partner in developing the strategic industries promoted under the Mexican government’s Plan Mexico. He added that a bilateral trade agreement would take bilateral economic cooperation to the next level by strengthening cooperation in future industries and supply chains. Minister Kim then outlined operational difficulties faced by Korean companies in Mexico, including customs clearance delays and port congestion, inadequate power infrastructure, and issues concerning automotive trade between Mexico and Brazil under Economic Complementation Agreement No. 55 (ACE 55). He requested active support from Mexico’s Ministry of Economy in addressing these issues. The two sides agreed to launch a Joint Benefit Study to assess the potential benefits and broader effects of a bilateral trade agreement. They will also continue discussing specific areas of cooperation through the joint committee and working group, which they agreed to establish during the presidential visit. 3. Korea–Mexico Business Forum and MOU Exchange Ceremony The Ministry of Trade, Industry and Resources (MOTIR) and the Korea Chamber of Commerce and Industry (KCCI, Chairman Chey Tae-won) held the Korea–Mexico Business Forum at the World Trade Center in Mexico City on September 25, 2026. Around 300 business representatives from the two countries attended the forum, along with President Lee Jae Myung and Mexico’s Secretary of Economy Marcelo Ebrard. At the forum, companies from both countries, including Ernst & Young Han Young, Agon, NAVER date2026-09-29

Korea and ASEAN Hold Second Official Round of FTA Upgrade Negotiations

Korea and the Association of Southeast Asian Nations (ASEAN) will hold the second official round of negotiations to upgrade the Korea–ASEAN Free Trade Agreement (FTA) in Singapore from September 28 to October 1, 2026. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) said government delegations from both sides will attend the talks, with Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, and Alpana Roy, Director-General at Singapore’s Ministry of Trade and Industry, serving as the chief negotiators for Korea and ASEAN, respectively. Nearly 20 years after the Agreement on Trade in Goods took effect in 2007, Korea and ASEAN are pursuing a full-scale upgrade of the FTA to reflect changes in the trade environment and make the agreement more effective. After formally announcing the launch of upgrade negotiations at the Korea–ASEAN Summit in October 2025, the two sides held the first round in June 2026. Beginning with this second round, the two sides will move into substantive negotiations on rules across specific areas. In the second round, the two sides will focus on improving rules across 13 negotiating areas, including critical minerals and supply chains, digital trade, intellectual property rights, and origin procedures. In particular, they aim to introduce up-to-date trade rules that set a higher standard than those in existing agreements, including the Regional Comprehensive Economic Partnership (RCEP), to which both sides are parties. Through these negotiations, the two sides plan to reduce regulatory uncertainty in digital trade and support its expansion. On critical minerals and supply chains, they plan to strengthen the foundation for cooperation to build stable regional supply chains. They will also discuss introducing rules to strengthen protection for Korean companies’ intellectual property, including K-content. “ASEAN, where the transition to a digital economy and the restructuring of supply chains are advancing rapidly, is a key economic partner for Korea,” said Director General Park. “Through these negotiations, we will make every effort to incorporate up-to-date rules that reflect the changing trade environment, including in digital trade, and strengthen supply chain cooperation in areas such as critical minerals, thereby building the institutional foundation for Korean companies to expand their business opportunities in ASEAN markets.” date2026-09-28

Major Retailer Sales Rise 7.7 Percent in August 2026

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 offline retailers and 11 online retailers) rose 7.7 percent year-on-year in August 2026, with offline sales up 5.4 percent and online sales up 9.3 percent. In August 2026, the earlier timing of Chuseok compared to last year boosted food sales, driven by increased sales of holiday gift sets. Growth in delivery services and travel product purchases also continued from July amid hot weather and the summer holiday season. Offline sales increased across all retail formats, including hypermarkets (up 4.5 percent), super supermarkets (SSMs, up 5.0 percent), department stores (up 11.9 percent), and convenience stores (up 0.8 percent). Hypermarket sales returned to growth after five consecutive months of year-on-year declines. Chuseok demand lifted sales of food (up 5.4 percent), as well as home appliances and toys (up 17.8 percent), while declines in other categories eased. SSMs also posted growth for the first time in eight months, as strong demand for holiday gift sets lifted food sales, including agricultural, livestock and fishery products (up 10.1 percent). Department store food sales rose 14.5 percent as advance sales of holiday gift sets began. Sales also continued to grow in all categories except household goods, including vacation-related goods and premium international brands. Convenience stores maintained sales growth as a higher average transaction value offset a decline in transactions (customer visits) caused by reduced outdoor activity during the heat wave. Online food sales rose 12.6 percent as sales of holiday gift sets began. Sales in the services/other category (up 16.9 percent) also continued to grow as consumers used more delivery services and purchased more travel products amid the heat wave. In August 2026, sales shares by channel were 59.7 percent for online retailers, 15.4 percent for convenience stores, 13.7 percent for department stores, 9.0 percent for hypermarkets, and 2.2 percent for SSMs. date2026-09-23