Ministry of Trade Industry and Resources

Trade Figures for February

date2012-03-05

Korea, Australia Hold Talks on Energy Cooperation

Korea and Australia shared information on energy policy and strengthened bilateral ties on energy and mineral resources last week. Oil, LNG and uranium were among the major discussion topics at the 26th annual meeting of the Joint Committee on Energy and Mineral Resources Consultations and Cooperation on February 22 in Seoul. Ms. Tania Constable, the head of the Resources Division within Australia’s Department of Resources, Energy and Tourism, led a 33-member Australian delegation that represented 19 institutions. Korea expressed its intention to import more Australian LNG and step up its efforts to help Australia develop its offshore oil fields. To promote the development of the clean and renewable energy sectors, the two countries also pledged to carry out joint research and personnel exchanges. As a country with abundant natural resources and a stable investment environment, Australia is one of Korea’s most important investment partners. Australia supplied 41.7 percent of the mineral resources Korea imported in 2010. As of June 2011 Korea had invested $2.84 billion in mineral resources in Australia, and Australia accounted for 30.4 percent of Korea’s investments in overseas mineral resources. * Released by the Southeast Asia and Oceania Division date2012-02-27

Korea, Sri Lanka Enhance Energy Ties

Korea, Sri Lanka Enhance Energy Ties Vice Minister for Trade and Energy Cho Seok greets Sri Lankan Minister of Power and Energy Patali Champika Ranawaka on February 14 at the Lotte Hotel in Seoul. The two officials discussed the bilateral energy partnership. date2012-02-23

Minister Meets With 21 Business Leaders

Minister of Knowledge Economy Sukwoo HONG stands with CEOs of foreign-invested companies on February 13 at the Grand Hyatt Hotel in Seoul. At the meeting, the Minister shared his thoughts about Korea’s investment environment with representatives of the American Chamber of Commerce in Korea, the European Union Chamber of Commerce in Korea and the Seoul Japan Club. date2012-02-21

MKE Releases Car Sales Figures for January

MKE Releases Car Sales Figures for January The Ministry of Knowledge Economy has released its car sales figures for January. Automobile production decreased 14.0 percent year on year to 333,353 due to sluggish domestic demand and fewer working days. Domestic sales fell 18.0 percent to 106,370 vehicles because of weak consumer sentiment and rising fuel prices. Although January saw fewer domestic sales of Korean cars, the introduction of new models pushed sales of imported cars up 9.0 percent. Ex date2012-02-21

Retail Sales Figures for January

date2012-02-17

Korea, Qatar Strengthen Bilateral Ties

Korea, Qatar Strengthen Bilateral Ties Minister of Knowledge Economy Sukwoo HONG meets with his Qatari counterpart, Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, on February 9 at the Four Seasons Hotel in Qatar. The two ministers signed a memorandum of understanding on energy and industrial cooperation. date2012-02-17

IT Trade Figures for January

date2012-02-13

Trade Figures for January

Meanwhile, imports gained 3.6 percent year on year to $43.49 billion. The average value of all imports per day increased 8.3 percent to $1.98 billion. Rising demand for coal and crude oil pushed inbound shipments of raw materials up 12.9 percent. While imports of capital goods increased 15.9 percent from a year earlier, inbound shipments of consumer goods declined 0.4 percent. Imports from all key trading partners showed positive growth. date2012-02-06

Minister Addresses U.S. Business Leaders

Minister of Knowledge Economy Sukwoo HONG addresses about 100 U.S. business leaders at the American Chamber of Commerce in Korea General Membership Meeting on January 31 in Seoul. date2012-02-06