Ministry of Trade Industry and Resources

Korea’s exports gain 3.7% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports for April 2025 increased 3.7 percent year-on-year to USD 58.2 billion and imports decreased 2.7 percent to $53.3. billion, the trade balance netting a surplus of $4.9 billion. April exports logged historic highs for the month, maintaining an upward trajectory for the third month running. By item, seven out of 15 major export items saw growth. Semiconductors achieved an all-time high for the month with $11.7 billion (up 17.2 percent) as 8gb DDR4s’ fixed price rebounded for the first time in 12 months and robust demand for high-bandwidth memory chips (HBMs) continued. Wireless communication devices shot up 26.5 percent to $1.5 billion and kept up the growth momentum for the third consecutive month, led by the solid performance of smartphones (up 61.1 percent to $0.4 billion). Bio-health (up 14.6 percent to $1.4 billion) recorded the highest for the month as biopharmaceuticals soared 21.8 percent to $0.9 billion. Steel exports ended their four-month losing streak with $3.0 billion (up 5.4 percent) and secondary batteries snapped the 16-month decline with $0.7 billion (up 13.7 percent). Ship exports surged 17.3 percent to $2.0 billion, advancing for the second month in a row. Meanwhile, automobile exports dipped 3.8 percent but still reached this year’s new high at $6.5 billion. Conventional gasoline-powered vehicles and electric vehicles (EVs) faltered, while hybrid electric vehicles (HEVs) carried forward their strong growth momentum for the 14th consecutive month. Car parts exports gained 3.5 percent to $2.0 billion, turning to an expansion for the first time this year. Agricultural products attained fresh highs (up 8.6 percent to $1.1 billion) and cosmetics (up 20.8 percent to $1.0 billion) renewed their April monthly highs on the backs of the global popularity of K-food and K-beauty products. Exports of electrical devices were driven by transformers and power cables, setting record highs of $1.4 billion (up 14.9 percent). By region, Korea’s exports expanded to seven out of nine major overseas markets in April. China-bound exports grew 3.9 percent to $10.9 billion as semiconductor exports rebounded and wireless communication devices posted double-digit growth. To ASEAN, exports rose 4.5 percent to $9.4 billion with semiconductors and steel products at the helm. EU-bound exports secured unprecedented highs of $6.7 billion (up 18.4 percent) as automobiles and bio-health both hiked by double digits. Exports to India climbed 8.8 percent to an all-time high of $1.7 billion for the month, fueled by semiconductors, general machinery, and steel products. Exports to Latin America turned positive with $2.6 billion (up 3.9 percent). To the Middle East and CIS countries, exports increased for the third and second consecutive month, respectively, with $1.7 billion (up 1.6 percent) and $1.2 billion (up 37.2 percent). U.S.-bound exports shrank 6.8 percent to $10.6 billion despite strong demand for petroleum products, secondary batteries, and wireless communication devices as shipments of automobiles and general machinery contracted. In April, Korea’s energy imports declined 20.1 percent to $10.0 billion as imports of crude oil (down 19.9 percent) and gas (down 11.4 percent) diminished. Non-energy imports grew 2.4 percent to $43.4 billion.   date2025-05-02

Korea’s Retail Industry Grows 9.2% in March

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced today that Korea’s retail industry climbed 9.2 percent year-on-year in March 2025, with offline sales falling 0.2 percent and online sales advancing 19.0 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers: 13 brick-and-mortar retailers, comprising three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) chains. The remaining 10 are online retailers. A decline in consumer sentiment affected offline categories such as fashion and home appliances, with sales declining at hypermarkets (down 0.2 percent) and department stores (down 2.1 percent). Sales increased at convenience stores (up 1.4 percent) and SSMs (up 3.6 percent), reflecting their convenience in shopping locally for small purchases. Except food products (up 3.4 percent), hypermarkets slowed in most sales categories, including home appliances/culture (down 20.2 percent), clothing (down 5.7 percent), and home/living (down 3.7 percent). Department stores also posted declines in all categories except food (up 3.5 percent), with sales falling in foreign designer labels (down 2.7 percent), household goods (down 2.2 percent), miscellaneous goods (down 3.8 percent), and kids/sports (down 1.6 percent). Convenience stores and SSMs recorded growth across both food and non-food categories. Online retail sales surged 19.0 percent, the second-largest increase since April 2024 (up 19.5 percent). Growth was led by food products (up 19.4 percent) and service/other (up 78.3 percent) , driven by increased use of online delivery services and demand for food delivery and e-coupons. In contrast, fashion/clothing (down 4.7 percent) and sports (down 10.1 percent) continued to decline.   Meanwhile, back-to-school demand fueled sales for home appliances/consumer electronics (up 7.8 percent) for the second consecutive month. Cosmetic products (up 7.5 percent) also maintained growth on wider online demand. date2025-04-29

Korea and Costa Rica Hold Trade Ministers’ Meeting

Trade Minister Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) met with Costa Rica's Minister of Foreign Trade Manuel Tovar on April 28, 2025, to discuss ways measures to invigorate comprehensive economic cooperation between the two countries. During the talks, Trade Minister Cheong highly appraised the scope of Korea-Costa Rica trade and investment, which has been continuously expanding under the Korea-Central America Free Trade Agreement (FTA) that entered into force in 2019. He also proposed that the two sides further advance bilateral trade by building on their respective strengths in areas such as automobiles, pharmaceuticals, medical devices, and semiconductors. Noting the substantive conclusion of discussions in January 2025 on Costa Rica’s accession to the Digital Economy Partnership Agreement (DEPA), Trade Minister Cheong expressed hope that cooperation between the two countries would expand further, including in digital trade. Trade Minister Cheong also asked Costa Rica, as chair of the 2025 OECD Ministerial Meeting, to encourage broad participation by OECD members in the Asia-Pacific Economic Cooperation (APEC) Summit to be hosted in Gyeongju, Korea, in October 2025. date2025-04-28

Korea and the U.S. Establish Framework for Tariff Discussions

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) and Deputy Prime Minister Choi Sang-mok of the Ministry of Economic Affairs (MOEA) held the Korea-U.S. 2+2 Trade Dialogue in Washington, D.C. on April 24, 2025. Later that day, Minister Ahn met with U.S. Trade Representative (USTR) Jamieson Greer, and the two sides agreed to launch bilateral working-level consultations on tariff issues at the earliest possible date. At the 2+2 Trade Dialogue held earlier that morning, Minister Ahn and Ambassador Greer discussed ways to strengthen Korea-U.S. trade cooperation, with a focus on building a mutually beneficial and balanced trade relationship. During the meeting, Minister Ahn requested the U.S. to exempt Korea from all forms of tariffs, including reciprocal tariffs, product-specific tariffs on automobiles and steel, and any additional tariffs that may be imposed in the future. The two sides also reached a principled agreement on establishing a framework for future consultations. They agreed to hold working-level discussions next week to determine the scope and format of the consultations. The specific agenda and approach will be finalized through coordination with relevant ministries and the Economic Security Strategy Task Force, chaired by the Acting President. Based on this internal process, discussions with the U.S. will proceed. To address issues of interest to the U.S. side in a comprehensive manner, officials from several Korean ministries also participated in the meeting, including the Ministry of Science and ICT (MSIT), Ministry of Land, Infrastructure and Transport (MOLIT), Ministry of Environment (ME), Ministry of Agriculture, Food and Rural Affairs (MOFRA), and Ministry of Health and Welfare (MOHW). They shared updates on cross-sectoral issues, laying the groundwork for future consultations. Minister Ahn stated, “With both sides agreeing to launch working-level consultations, we now have an open channel for more detailed discussions. We will approach future consultations with the U.S. in a calm and deliberate manner, while maintaining close communication with relevant ministries and industry stakeholders." date2025-04-25

Korea Trade Commission Proposes Anti-Dumping Duties on Cold-Rolled Stainless Steel Products From Vietnam

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held its 459th meeting on April 24, 2025, for deliberation and resolution on six agenda items. First, the KTC decided to recommend anti-dumping duties on cold-rolled stainless steel products from Vietnam, after making a final determination that the dumped imports have caused material injury to the domestic industry. The KTC will recommend the Minister of Economy and Finance to impose a five-year anti-dumping duty of between 11.37% and 18.81%. For sodium dithionite from China and particle board from Thailand, the KTC made preliminary determinations that dumped imports had caused injury to the domestic industries. Accordingly, the KTC will recommend provisional anti-dumping duties to the Minister of Economy and Finance to prevent further injury during the main investigation:  between 15.15% and 33.97% for sodium dithionite products from China and between 11.82% and 17.19% for particle board from Thailand. In investigations into the alleged infringement of a toner cartridge patent and mango jelly copyright, the KTC ruled that the respondents have not violated claimants’ rights and thereby have not engaged in unfair trade practices. In investigations into the alleged infringement of a tent and sleeping bag trademark, the KTC accepted both parties’ request to withdraw the case and closed the investigations. The KTC also received a report on the launch of an interim review of anti-dumping duties on polyethylene terephthalate (PET) film from China. Anti-dumping duties of 2.2% to 36.98% were imposed on the product for five years, from May 2023 to May 2028. The review on Chinese firms Tianjin Wanhua and Kanghui New Material Technology was requested by four Korean companies over concerns that the dumping margin in 2024 may have risen above the level found during the original investigation period in 2021, amid the recent rise in import shipments and decline in import prices. If the KTC’s investigation confirms an increased dumping rate over the next six months, it may recommend the Minister of Economy and Finance to apply a revised dumping rate until the anti-dumping duty expires in 2028. Meanwhile, the KTC held a public hearing on the same day on injury to the domestic industry caused by imports of stainless steel plates from China, an investigations that began in September 2024. The hearing was intended to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The products are currently subject to a provisional anti-dumping duty of 21.6% and await a final determination in the first half of 2025 following domestic and overseas due diligence procedures. date2025-04-24

No facts confirmed of news article reporting that Chinese gov’t sent Korean companies an official warning letter as export control measure on Chinese rare earth elements

A news article by Hankyung on April 22 reported that the Chinese government sent Korean firms an official letter warning of sanctions should they export to U.S. arms companies any products manufactured using Chinese rare earth elements. The news article further claimed that this may seriously impede Korea’s exports. The Korean government is in the process of checking whether the news article is based on facts by communicating with the Chinese government and relevant industries. As of yet, no facts have been confirmed concerning any Korean company receiving such warning letters from the Chinese government. The Korean government plans to closely monitor the export controls of major trading partners and will make the utmost effort towards resolving domestic supply chain issues through communication and consultation with relevant countries.   date2025-04-23

Korea and Turkmenistan Step Up Plant Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Baymyrat Annamammedov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex, in Seoul on April 18, 2025, for high-level Korea–Turkmenistan talks on plant cooperation. Prior to the talks, the two sides held a signing ceremony for a framework agreement on the Türkmenabat mineral fertilizer plant project, worth about USD 700 million. This project was commissioned by the “Turkmenhimiya” State Concern, with Korea’s Daewoo E&C participating as a contractor. Once completed, the plant will process phosphate rocks from the Türkmenabat region into phosphorus to produce fertilizers, which is expected to help improve Turkmenistan’s industrial and agricultural productivity and diversify its export portfolio. During the high-level talks, Minister Ahn proposed an early conclusion of the final agreement for the Türkmenabat mineral fertilizer plant project and requested the Turkmen government’s support for Korean companies seeking to participate in additional plant projects going forward. date2025-04-18

Korea’s auto exports log 2nd highest for March

The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced today that automobile production (up 1.5 percent), domestic sales (up 2.4 percent), and export value (up 1.2 percent) for the month of March 2025 all advanced year-on-year for the second consecutive month. Notably, March automobile exports reached the second highest in history for the month at $6.2 billion. The export value for the first quarter (Q1) inched down 1.3 percent year-on-year, which is attributable to last year’s high base effect and this year’s lower number of working days (-3) compared to Q1 2024. Domestic sales rose 2.7 percent to 388,294 units during Q1 2025 as a result of a base effect from last year’s sluggish domestic demand. Q1 sales of eco-friendly vehicles soared over 20 percent to 169,013 units and the total automobile production volume (1,013,485 units) breached the one-million-unit mark for the third consecutive year, driven by strong domestic demand.   date2025-04-15