Ministry of Trade Industry and Resources

Foreign direct investment pledged to Korea total $3.3 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 9 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year increased 3.2 percent year-on-year to USD 3.3 billion. The FDIs that actually arrived in Korea over the same period declined 17.8 percent to $2.4 billion. Despite the difficult external conditions caused by the spread of the new coronavirus, FDI commitments to Korea increased 3.2 percent compared to the first quarter of the previous year. The date2020-04-09

Korea's March exports edge down 0.2 percent to $46.9 billion amid COVID-19 outbreak

The Ministry of Trade, Industry and Energy announced on April 1 that Korea’s exports in March decreased 0.2 percent from a year earlier to USD 46.9 billion. Imports slipped 0.3 percent to $41.9 billion. The trade balance stood at $5.0 billion, remaining positive for 98 straight months. The average daily exports recorded $2.0 billion and saw a year-on-year decrease but the gap improved to a single-digit decrease. Despite initial concerns of sharp contraction following the spread of the co date2020-04-01

[G20 Trade and Investment Ministerial Statement]

We, the Trade and Investment Ministers of the G20 and guest countries, are profoundly saddened by the devastating human tragedy caused by the spread of COVID-19. The pandemic is a global challenge and requires a coordinated global response. The G20 Leaders, following their Extraordinary Meeting conducted on 26 March 2020, committed “to presenting a united front against this common threat.” Now more than ever is the time for the international community to step up cooperation and coord date2020-03-31

Overall retail sales in Korea improve 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 30 that Korea’s overall retail sales in February saw a year-on-year growth of 9.1 percent on the back of strong online sales. Sales of brick-and-mortar stores went down 7.5 percent compared to the same period last year, while those of web-based retailers jumped 34.3 percent. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, th date2020-03-30

Korea’s auto industry experiences decline in February

The Ministry of Trade, Industry and Energy announced on March 13 that Korea’s automobile industry in February experienced a decline in exports, production, and domestic sales compared to the same period year earlier. Total auto output in February fell 26.4 percent to 189,235 units. The decrease was attributable mainly to the shortage of auto parts from China and the temporary shutdown of production lines due to the coronavirus outbreak. Domestic sales of automobiles also slowed down 18.8 p date2020-03-13

Korea’s February ICT exports record $13.7 billion, increasing for the first time in 16 months

The Ministry of Trade, Industry and Energy announced on March 11 that Korean exports of information and communications technology (ICT) goods in February increased for the first time in 16 months and grew 8.5 percent year-on-year to USD 13.7 billion. Imports went up 5.7 percent to $7.7 billion, and the trade balance stood at a surplus of $6.0 billion. Outbound shipments of all items except for displays experienced increases. Exports of semiconductors went up 9.3 percent to $7.5 billion and incre date2020-03-11

Korea’s February exports rebound for the first time in 15 months and grow 4.5% to $41.3 billion

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February rebounded and increased 4.5 percent from a year earlier to USD 41.3 billion. Imports inched up 1.4 percent to $37.2 billion. The trade balance stood at a surplus of $4.1 billion, remaining positive for 97 straight months. February exports marked the first rebound in 15 months despite the outbreak of the new coronavirus. The decline in exports has been improving since hitting a trough in October date2020-03-02

Korean retail industry sees sales growth of 6.6% in January

The Ministry of Trade, Industry and Energy announced on February 28 that overall retail sales in Korea improved 6.6 percent from a year earlier. Sales at both web-based retailers and brick-and-mortar stores increased, 10.2 percent and 4.1 percent, respectively. These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) operators. The other date2020-02-28