Ministry of Trade Industry and Resources

Korea’s exports gain 3.1% in March

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s exports and imports for March 2025 rose 3.1 percent and 2.3 percent year-on-year, respectively, to USD 58.3 billion and $53.3 billion. The trade balance netted a surplus of approximately $5.0 billion. Exports reached a second highest for the month, increasing for two months straight. The number of working days considered, the daily average export value also grew 5.5 percent to $2.7 billion. Seven out of 15 major items advanced in the month, thanks to positive growth seen across all information technology (IT) goods. Semiconductor exports (up 11.9 percent to $13.1 billion) turned to an expansion, boosted by strong demand for high value-added memory chips like HBMs and DDR5s. Computers including solid-state devices (up 33.1 percent to $1.2 billion) and wireless communication devices (up 13.8 percent to $1.3 billion) each rose for the 15th and second consecutive month. Displays gained 2.9 percent to $1.5 billion, ending the seven-month losing streak. Despite the slowdown of some electric vehicle (EV) models, automobile exports progressed 1.2 percent to $6.2 billion on the backs of demand for hybrid electric vehicles (HEVs) and gas-powered vehicles. Ship exports recorded $3.2 billion (up 51.6 percent), a new high since December 2023 ($3.7 billion), snapping the downward streak. Bio-health exports (up 6.9 percent to $1.4 billion) increased for the second consecutive month, led by pharmaceuticals (up 13.2 percent to $0.9 billion). By region, Korea’s exports expanded to six out of nine major destinations. Exports to China (down 4.1 percent to $10.1 billion) faltered from the decline of semiconductor exports, in spite of the robust performance of petrochemicals and wireless communication devices.  U.S.-bound exports climbed 2.3 percent to $11.1 billion and those to ASEAN also surpassed China-bound exports with $10.3 billion (up 9.1 percent) for the second consecutive month. To the EU, ship exports doubled and bio-health items (up 9.8 percent to $6.3 billion) showed solid growth. Exports to the Middle East (up 13.6 percent to $1.8 billion) maintained growth for two months running and those to Japan (up 2.2 percent to $2.2 billion) and the CIS (up 30.1 percent to $1.1 billion) resumed their upward trajectory.   date2025-04-01

Korea and Japan Hold Trade and Industry Ministers’ Meeting

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a bilateral meeting with Japan’s Minister of Economy, Trade and Industry (METI) Muto Yoji on March 30, 2025, in Seoul on the margins of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting, as 2025 marks the 60th anniversary of the normalization of diplomatic relations between Korea and Japan. The meeting came nine months after the Korea-U.S.-Japan trilateral meeting in June 2024 in Washington D.C., and followed the Korea-Japan trade and industry ministers’ meeting held in April 2024 in Tokyo, marking the first reciprocal ministerial visit in about a year. During the meeting, MOTIE and METI welcomed the two countries’ active intergovernmental and private-sector dialogue in key areas, including supply chains, advanced industries, and new energy areas like hydrogen, and critical mineral supply chains. They also agreed to further cooperate to produce tangible outcomes in 2025, the 60th anniversary of the normalization of diplomatic relations. The two sides shared views on the rapidly changing global trade landscape and discussed response measures. They agreed to leverage both bilateral and multilateral channels, including the Korea-U.S.-Japan and the Korea-Japan-China frameworks, to share information and explore cooperation on issues requiring a joint response.  Both sides also agreed to work together for the successful hosting of major international events in both countries, including the Korea Pavilion opening ceremony on April 13 and Korea Day on May 13 at Expo 2025 Osaka, Kansai; the APEC Trade Ministerial Meeting in Jeju in May; the APEC Energy Ministerial Meeting in Busan in August; and the APEC CEO Summit. date2025-03-31

Korea and China Hold Commerce Ministers’ Meeting on Trade and Economic Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with China’s Minister of Commerce (MOFCOM) Wang Wentao on March 29, 2025, in Seoul, ahead of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting in March 30, 2025. The bilateral meeting was held to discuss bilateral cooperation and key trade issues in response to the changing global trade landscape, and was the first bilateral meeting between the two commerce ministers since their last meeting in San Francisco in November 2023.  The two sides exchanged views on the global trade environment and agreed to continue their mutually beneficial cooperation through not only bilateral trade platforms, but also multilateral trade systems such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC). As APEC hosts in 2025 and 2026 respectively, Korea and China  also agreed to cooperate for the successful hosting of the APEC Economic Leaders’ Week. Moreover, MOTIE and MOFCOM plan to expand the scope of collaboration to stabilize critical minerals supply chains and maintain communication and cooperation to resolve issues for businesses operating in each other’s markets.  The two sides will also continue to share information on supply chain measures and policies through director general-level channels, including the supply chain hotline and export control dialogue, while strengthening cooperation between MOTIE and major local governments in China, including Jiangsu, Guangdong, Shandong, and Liaoning. date2025-03-31

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China 30 March 2025, Seoul, Korea   1.      We, the Economic and Trade Ministers of the Republic of Korea, Japan and the People’s Republic of China, convened in Seoul, Korea, on 30 March 2025, to hold the Thirteenth Korea-Japan-China Economic and Trade Ministers’ Meeting.   2.      We reaffirmed our conviction that trilateral efforts in the economic and trade sectors are essential for fostering the prosperity and stability of the regional and global economy, as emphasized in the Joint Declaration of the Ninth Trilateral Summit in May 2024.    3.      We noted with satisfaction the advancements made in trilateral cooperation between our three countries and held fruitful discussions on the future trajectory of our cooperation. We especially recognized the need for ongoing trilateral economic and trade cooperation to effectively address emerging challenges and achieve tangible outcomes in key areas.    4.      We shared the view that the Thirteenth Trilateral Economic and Trade Ministers’ Meeting plays a vital role in strengthening our trilateral cooperation. The Minister of Economy, Trade and Industry of Japan and the Minister of Commerce of the People’s Republic of China expressed their appreciation for the efforts of the Minister of Trade, Industry and Energy of the Republic of Korea as Chair to ensure the continual progress of trilateral economic and trade cooperation.   5.        (WTO Reform) We support the rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the World Trade Organization (WTO) at its core. We emphasized the need to advance the necessary reform of the WTO and strengthen all its functions, including negotiation, monitoring, deliberation and dispute settlement so that the organization can become more responsive and resilient in addressing current trade challenges, particularly in the lead up to the 14th WTO Ministerial Conference (MC14). We also reiterated our support for the extension of the moratorium on customs duties on electronic transmissions at MC14. We commended the efforts to intensify discussions in the WTO on contemporary key issues.   6.        (WTO JSIs) Acknowledging the value of ongoing plurilateral discussions under the WTO, including the Joint Statement Initiatives (JSIs), we highlighted their potential to address emerging trade issues, foster inclusive economic growth, and build momentum towards multilateral outcomes. We urged WTO Members to support the early incorporation of the Investment Facilitation for Development (IFD) Agreement and the Agreement on Electronic Commerce into the WTO legal framework and encouraged wider participation in the Agreements.   7.      (RCEP) We highlight the importance of the transparent, smooth and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement. We encourage the RCEP Joint Committee to finalise the Terms of Reference of the Accession Working Group (AWG) for new membership to the RCEP as soon as possible.   8.        (Trilateral FTA) We keep discussions for speeding up negotiations for a Trilateral FTA with a view to realizing a free, fair, comprehensive, high-quality and mutually beneficial FTA with its own value.   9.       (Predictable and Reliable Business Environment) We will continue to work to ensure a global level playing field to foster a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade an date2025-03-31

Korea and Dominican Republic Discuss Trade and Economic Cooperation

Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) met with with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27, 2025, in Seoul to exchange views on the global trade landscape and discuss measures to strengthen bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need to expand economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello, as the Dean of the Group of Latin American and Caribbean Countries (GRULAC), to play an active role. Noting that the Dominican Republic is one of Korea’s major economic cooperation partners in the Central American and Caribbean region, Trade Minister Cheong called for expanding trade and industry cooperation between the two countries based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. The trade minister also asked for the Dominican Republic’s cooperation in launching the bilateral Economic Partnership Agreement (EPA) negotiations to establish a stable basis for greater trade and investment between the two countries. He also requested support to help facilitate Korean companies’ participation in the Dominican Republic’s future energy infrastructure projects. date2025-03-28

Korea and Japan to Boost Joint Efforts in Hydrogen Economy

Director General for Hydrogen Economy Policy Choi Woo-hyuk at the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the second Korea-Japan Hydrogen Cooperation Dialogue in Tokyo on March 26, 2026. He was joined by Sadanori Ito, Director General for Energy Efficiency and Renewable Energy Department under Japan’s Ministry of Economy, Trade and Industry (METI), and representatives from 11 hydrogen-related institutions from both countries. The two countries had launched working groups on clean hydrogen supply chains, carbon intensity and certification, standards and criteria, and safety following the Korea–Japan industry ministerial talks and the first Hydrogen Cooperation Dialogue in June 2024. During today’s second meeting, the two sides reviewed the progress in the four working groups’ on cooperation agendas and discussed measures to expand collaboration. Recognizing the private sector’s critical role in clean hydrogen supply chain cooperation, the two sides agreed to establish a private Korea-Japan cooperative platform for hydrogen supply chain utilization alongside the existing intergovernmental cooperation channel. They also agreed to convene bilateral hydrogen seminars to make tangible progress in joint efforts on clean hydrogen supply chains, hydrogen co-firing, and hydrogen mobility. On carbon intensity and certification, the two countries agreed to work together improve methodologies for measuring greenhouse gas emissions generated during clean hydrogen production. They will also make joint visits to major overseas sites. On standards and criteria, the two sides will work together on the international standardization of key hydrogen technologies. On safety, Korea and Japan will expand exchanges on hydrogen safety information and best practice sharing. date2025-03-26

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Global Companies Declare $0.3 Billion in Investments in Korea’s Offshore Wind and Advanced Materials

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a foreign investment strategy meeting in Seoul on March 24, 2025, with representatives of foreign-invested companies and foreign chambers of commerce in Korea. At the meeting, participants expressed appreciation for the Korean government’s efforts to foster a business-friendly environment and called for stronger incentives and regulatory easing in electric vehicles (EVs), healthcare, and offshore wind, as well as better conditions for foreign investors settling in Korea. Noting rising global uncertainties, including  protectionism and supply chain shifts, Minister Ahn stated that MOTIE intends to substantially expand incentives for foreign investors, improve the investment environment in line with global standards, and carry out strategic outreach activities despite changing conditions at home and abroad to spur foreign investment. At the meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations in Korea totaling USD 0.3 billion in offshore wind and advanced materials. date2025-03-24