Ministry of Trade Industry and Resources

Retail Sales Figures for March

date2012-04-20

Korea Takes Action to Stabilize Domestic Oil Market

Korea announced plans yesterday to increase competition in the domestic oil market and stabilize energy prices. Four major refiners currently dominate the domestic oil market, but a fifth petroleum supplier—Samsung Total Petrochemicals—is set to gain a presence as a new supplier for Korea’s thrift gas stations. Beginning in June, Samsung Total Petrochemicals will have the opportunity to supply gasoline to Korea’s thrift gas stations; the government will also increase the number of thrift gas stations by introducing tax incentives. Korea’s gas stations are currently under pressure to purchase petroleum products from a single refiner; however, the plan will make it easier for them to do business with different suppliers. Sellers of petroleum products will also enjoy tax benefits if they participate in the new electronic spot oil trading system that the government launched in March. To invigorate trade through the system, no tariffs will be imposed on oil products imported via the system. In addition, a support center will provide one-stop administrative services including detailed information on petroleum product prices and the progress of the new measures. The government pledges to monitor oil prices closely, and to take action to alleviate the burden that high fuel costs impose on consumers. * Released by the Petroleum Division date2012-04-20

Parts and Materials Industry Trade Figures for the First Quarter

date2012-04-19

Vice Minister Greets Kuwaiti Ambassador

Vice Minister for Trade and Energy Cho Seok meets with Kuwaiti Ambassador to Korea Muteb Al-Mutoteh on April 3 in the Gwacheon Government Complex. The two officials exchanged views on bilateral economic ties. date2012-04-17

Minister, Middle Eastern Ambassadors Promote Cooperation at Seoul Forum

Minister of Knowledge Economy Sukwoo HONG stands with the ambassadors of 10 Middle Eastern countries and some Korean business leaders on March 29 in Seoul. The group gathered at the Lotte Hotel for the Korea-Middle East Economic Cooperation Forum. date2012-04-13

MKE Releases Car Sales Figures for March

MKE Releases Car Sales Figures for March The Ministry of Knowledge Economy has released its car sales figures for March. Korea’s automobile production rose 6.3 percent year on year to 420,759 vehicles on the back of strong export growth. Rising demand for fuel-efficient vehicles, greater brand awareness and the Korea-EU FTA drove exports up 18.1 percent to 305,527 vehicles—a record high. Although the Korea-U.S. FTA took effect, high oil prices and weak consumer confidence pushed sa date2012-04-13

Foreign Investment Figures for First Quarter

date2012-04-12

IT Trade Figures for March

date2012-04-10

Korea, Myanmar Strengthen Economic Ties

Minister of Knowledge Economy Sukwoo HONG met his Myanmarese counterpart, Minister of Industry Soe Thane, on March 21 in Seoul. The two ministers discussed ways to expand the scope of bilateral economic cooperation. date2012-04-09

Vice Minister Speaks at Nuclear Industry Summit

Vice Minister Speaks at Nuclear Industry Summit Vice Minister for Industry and Technology Yoon Sang-Jick speaks at the 2012 Seoul Nuclear Industry Summit on March 23 in Seoul. The Summit promoted the nuclear power industry and strengthened Korea’s position in the global market. date2012-04-09