Ministry of Trade Industry and Resources

Korea to Carry Forward Innovative Momentum towards Export Growth

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and the Korea Trade-Investment Promotion Agency (KOTRA) held the CES 2025 Innovation Forum at COEX in Seoul on January 23, 2025.  The Forum was organized as public-private initiative to translate the innovative achievements of Korean companies recognized at the Consumer Electrics Show (CES) 2025 into a solid foundation for their entry into global market. At this year’s CES, Korea had the largest number CES Innovation Award-winning companies, showcased its largest-ever integrated Korean pavilion, reached a record USD 0.35 billion in estimated export contracts, and newly named a Global Innovation Champion. In view of these achievements, the Korean government launched the Forum to ensure that these outcomes lead to actual exports through timely follow-up support. First, a debriefing session introduced the key takeaways of CES 2025 regarding new industrial ecosystems and opportunities to be created in by artificial intelligence (AI), including in robotaxis, energy, and healthcare. It was followed by a presentation session in which five companies shared their strategies for winning CES Innovation Awards. Participants were also provided with opportunities to engage in export promotion activities, such as online export consultations. Meanwhile, various institutions introduced export and financial assistance programs for innovative companies. KOTRA introduced its program offering catered support and preferential treatment to innovative Korean companies, as well as assistance with setting up dedicated booths at major exhibitions, participating in Demo Day events, and entering global supply chains, primarily through K-Tech Camps. The Korea Credit Guarantee Fund (KODIT) and the Industrial Bank of Korea (IBK) also participated in the forum, offering guarantee support and financial solutions. Moreover, the Korea International Trade Association (KITA) shared its plans to support exports of innovative businesses through NextRise 2025, Korea’s largest startup fair. date2025-01-23

Public and Private Sectors Join Forces in Preparations for APEC 2025

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) attended the launch ceremony of the private steering committee (“Committee”) for the Asia-Pacific Economic Cooperation (APEC) CEO Summit Korea 2025 to review preparations and the Committee’s plans. He also encouraged business leaders to actively cooperate in ensuring Korea’s successful hosting of this year’s APEC Economic Leaders' Meeting (AELM). The Korea Chamber of Commerce and Industry (KCCI) plans to establish a private-sector support system for the successful hosting of the APEC CEO Summit and other AELM events held on the margins of the 2025 APEC Summit in Gyeongju. Led by KCCI Chairman Chey Tae-won, the Committee is composed of Korea’s leading CEOs representing the country’s major industries. Committee members will leverage the global networks developed through their companies’ overseas operations and supply chains to encourage promising global business leaders to participate. To increase the participation of global business leaders in this year’s AELM events, MOTIE plans to conduct promotion activities at home and abroad through relevant organizations, including Korea’s overseas diplomatic missions and the Korea Trade-Investment Promotion Agency (KOTRA). With Korea resuming the APEC chairmanship in 20 years, MOTIE aims to use this opportunity to facilitate discussions on cooperation in emerging trade areas such as sustainable development, supply chains, artificial intelligence (AI), and the digital economy. It will also advance existing discourse on trade cooperation, including ways to strengthen the multilateral trade system and promote free trade. date2025-01-23

Experts Discuss Future Korea-ASEAN Cooperation at Indo-Pacific Policy Forum

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held an Indo-Pacific policy forum in Seoul on January 23, 2025, to discuss measures for Korea-ASEAN cooperation in light of the inauguration of the new U.S. administration and assess its overall impact on ASEAN. ASEAN is not only a key region in the Global South but also home to approximately 40 percent of all Korean companies operating overseas. Hosted by MOTIE and organized by the Korea University ASEAN Center (KUAC), the forum brought together ASEAN experts from academia and research institutes to take stock of the outcomes of the Korea-ASEAN economic cooperation and discuss future cooperation. Participants also addressed issues such as global oversupply and strategic response measures against trade risks. Following the launch of the ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD) in the first quarter of 2025, MOTIE will utilize the dialogue as a new channel for Korea-ASEAN trade and economic cooperation. The ministry will also continue to support the stable business operations of Korean companies in the ASEAN market by closely communicating with relevant governments and industries. date2025-01-23

Korea’s annual retail sales grow 8.2% in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s annual retail sales for 2024 rose 8.2 percent year-on-year. Offline and online sales increased 2.0 percent and 15.0 percent, respectively. MOTIE's 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. By offline retail channel, hypermarket sales decreased 0.8 percent despite the growth of food items (up 2.3 percent) as demand for nonfood categories dropped 7.9 percent.  SSM operators advanced 4.6 percent through their growing number of stores, increasing demand for home dining as well as trends for smaller purchases and shopping local. Convenience store sales (up 4.3 percent) achieved consistent growth throughout the year and even surpassed department store sales at one point but finished 0.1 percentage point short of the annual department store sales share in 2024, as department stores (up 1.4 percent) enjoyed a final spurt from the special seasonal demand in December.  In spite of domestic issues and overseas platforms’ active penetration, online retail sales in 2024 logged growth on the backs of robust demand for food products (up 22.1 percent) and services (up 58.3 percent) such as e-coupons, food deliveries, performances, and travel packages. With the move toward online shopping channels gaining stronger momentum, the percentage point gap between online and offline sales reached 13 percentage points in 2024, a steep climb from the 1.5 percentage point gap of 2023. By category, home appliances/culture (down 0.9 percentage points), fashion/miscellaneous (down 1.2 percentage points), and kids/sports (down 0.6 percentage points) contracted in retail sales share in 2024 owing to receding consumer confidence and the impact from overseas direct purchases (ODP), while food products (up 0.7 percentage points) and service/other (up 2.2 percentage points) expanded. For the month of December, Korea’s retail sales gained 8.9 percent overall as offline sales fell 0.3 percent year-on-year and online sales surged 18.8 percent.   date2025-01-23

Trade Minister Cheong Attends WEF 2025 in Davos

Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the 2025 Annual Meeting of the World Economic Forum (WEF), held in Davos, Switzerland, from January 20 to 24, 2025, as the representative of the Korean government. Held under the theme "Collaboration for the Intelligent Age," this year’s WEF brings together approximately 350 participants, including heads of state and government, government representatives, heads of international organizations, and global CEOs to discuss trade and investment and other issues. On the margins of the event, Trade Minister Cheong will hold bilateral talks with counterparts representing more than 10 economies, including ASEAN, the EU, France, the Gulf Cooperation Council (GCC), Japan, the Philippines, Saudi Arabia, and the UK. He will also take part in a trade and investment leadership session with other trade ministers to raise awareness on the need to restore the multilateral trade system. At the informal WTO trade ministerial meeting on January 24, Trade Minister Cheong will highlight the importance of enhancing the stability and predictability of the trade environment amid rising protectionism and other challenges. He will also reaffirm Korea’s commitment to these goals through its APEC chairmanship this year and emphasize its firm support for the multilateral trade system. date2025-01-21

Korea and Japan Step Up Cooperation in Carbon Regulation Response

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and Japan’s Ministry of Economy, Trade and Industry (METI) held the second Korea-Japan Global Green Policy Dialogue in Seoul on January 17, 2025, and discussed cooperation in responding to global carbon regulations, as well as carbon-neutrality policies and clean energy. Launched as a follow-up to the meeting between the two countries’ trade and industry ministers’ in April 2024, the Dialogue was elevated to director general-level in view of the rising importance of responding to global carbon regulations. The two sides agreed to work together to prevent global carbon regulations from becoming trade barriers. They also reaffirmed the need for cooperation in clean energy and agreed to strengthen bilateral and multilateral cooperation toward carbon neutrality.  MOTIE’s Director General for New Trade Strategy and Policy Support Shim Jin-soo stated that as countries move to introduce carbon-related regulations, broader cooperation with likeminded countries such as Japan will help strengthen Korean industries’ carbon competitiveness and minimize negative impact on exports.  Ryuzaki Takatsugu, Director-General for GX Promotion at Japan’s METI, said that it is important for Japan and Korea to work closely to effectively respond to the green transformation and other related changes across the global landscape. Going forward, the Korean government plans to step up support to strengthen domestic companies’ ability to respond to global carbon regulations through briefings, help desks, and consultations. date2025-01-17

Korea’s auto exports enter $70 bln thresholds for 2nd year running

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports for 2024 reached USD 70.8 billion, entering the $70 billion thresholds for the second year running.  Marking the second highest export record following the $70.9 billion set in 2023, the achievement is attributable to the strong performance of eco-friendly vehicles driven by the sharp growth of hybrid cars (up 45.8 percent year-on-year to $11.3 billion) despite the slowing global demand for electric vehicles. For the month of December 2024, automobile exports shrank 5.3 percent year-on-year to $6.0 billion as a consequence of safety inspections and parts manufacturing setbacks from the heavy November snow and unit export price falls from reduced EV exports. Meanwhile, overseas shipments of automobiles for the month of December rose to 251,847 units, continuing their strong upward trajectory. Korea’s annual automobile production recorded 4,128,447 units (down 2.7 percent) in 2024, 67 percent (2,782,639 units) of which were sold to overseas markets. Domestic sales in 2024 dropped 6.5 percent to 1,625,848 units as a result of dampened consumer confidence and weakened demand for EVs. However, the domestic sales of eco-friendly cars soared 18.2 percent to 650,122 units in 2024, four out of 10 newly sold cars being eco-friendly vehicles. Notably, hybrid electric vehicle (HEV) sales grew 32 percent year-on-year to 495,577 units, taking up 76 percent and 30 percent of Korea’s eco-friendly car sales and entire domestic car sales in 2024, respectively.   date2025-01-16

Korea and China Hold 10th Round of FTA Follow-Up Negotiations on Services and Investment

Director General for FTA Negotiations Kwon Hye-jin of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) is leading the Korean delegation at the 10th round of Korea-China Free Trade Agreement (FTA) follow-up negotiations on services and investment, to be held from January 15 to 17, 2025, in Seoul. Chen Zhiyang, Deputy Division Director of the Department of International Trade and Economic Affairs at China’s Ministry of Commerce, will lead the Chinese delegation. A total of 40 delegates from both countries are participating in the negotiations. Following the bilateral FTA’s entry into force in 2015, Korea and China launched follow-up negotiations on services and investment in March 2018, as provided in the FTA guideline. The two countries have continued discussions through official negotiating rounds, intersessional meetings, and chief delegate meetings. The 10th round is the first official round since the ninth round was held in 2020. In this round, the Korean government aims to accelerate discussions on upgrading the bilateral FTA in areas including service, investment, and finance. date2025-01-16