Ministry of Trade Industry and Resources

MOTIE holds 59th Trade Day

The Ministry of Trade, Industry and Energy (MOTIE) held the 59th Trade Day ceremony on December 5 at COEX in Seoul with the Korea International Trade Association (KITA). This year’s ceremony is meaningful in that Korea recorded highest-ever exports amid the COVID pandemic, Russia-Ukraine war and numerous countries’ interest hikes. Contributors to trade advancement were awarded various Tower Orders of Industrial Service Merit. To commemorate the first Trade Day since inauguration, t date2022-12-07

Korean delegation visits U.S. to negotiate IRA amendment

Minister for Trade Dukgeun Ahn will be visiting Washington D.C. through December 5-9 (local time) as member of South Korea’s delegation to negotiate the Inflation Reduction Act (IRA) with key figures of the Biden administration and U.S. Congress. The delegation is composed of Government officials and National Assembly members, including the Trade, Industry and Energy Ministry’s Small and Medium Venture Business Committee Chairman Yoon Kwan-seok. The delegation will be discussing IR date2022-12-06

Korea launches World Expo 2030 Busan promotion in Paris

The Government of the Republic of Korea held a variety of activities in Paris, France, through November 28-29 to promote Korea’s bid to host World EXPO 2030 in Busan, on the occasion of attending the 171st Bureau International des Expositions (BIE). Korea carried out promotion activities on the Seine River by floating a cruise ship named “2030 Expo Busan Space” with an 8 m-tall “Boogi” on the deck next to Pont d'Iéna ('Jena Bridge'). “Boogi” is s date2022-12-05

Korea and EU discuss major trade issues

Minister for Trade Dukgeun Ahn met with European Commissioner for Trade Valdis Dombrovskis on November 30 in Brussels, Belgium, to hold ministerial talks and the 10th Korea-EU FTA Trade Commission (hereinafter 'Commission') meeting. In Korea-EU ministerial talks, the two sides exchanged views on the U.S.’ Inflation Reduction Act (IRA) and WTO reform among other major global trade issues. As both sides have serious concerns over IRA’s discriminatory rules on EV tax credits, and prop date2022-12-02

Korea's exports decline 14.0% in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korean exports in November decreased 14.0 percent year-on-year to USD 51.9 billion. Imports rose 2.7 percent to $58.9 billion and the trade balance stood at a deficit of $7.0 billion. Exports were hit by global economic slump, major countries’ interest rate hikes and the prolonged Russia-Ukraine war, which in turn are lowering imports around the world. Slowdown in exports growth is currently a common factor among coun date2022-12-01

Minister holds public-private conference on IRA response measures

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and consider response measures. This public-private conference was held to assess the overall situation prior to IRA enforcement beginning January 2023, so that the Government and industries can seek countermeasures together. Attendees inclu date2022-11-30

Korea’s retail industry grows 7.3% in October

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 29 that Korea’s retail sales in October gained a year-on-year growth of 7.3 percent. Both physical and online retailers grew in sales, up 6.4 percent and 8.2 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “s date2022-11-29

Korea and Canada hold ministerial talks on industry cooperation

Trade, Industry and Energy Minister Lee Chang-yang met with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul and discussed cooperation in core industries and measures for trade and investment expansion. Noting the upgrade of the two countries’ ties to a comprehensive strategic partnership on the occasion of the Korea-Canada summit meeting held in September, the two industry chiefs agreed to build date2022-11-29