Ministry of Trade Industry and Resources

Korea’s Auto Industry Posts Comprehensive Growth in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 19 that Korea’s automobile exports, domestic sales, and production all rose year-on-year in July, marking a solid start to the second half of 2025. Automobile exports grew for the second consecutive month, reaching $5.8 billion (up 8.8 percent year-on-year). This was driven by a 5.8 percent rise in new vehicle exports and a 17.0 percent surge in eco-friendly vehicle exports, namely electric vehicles (EVs, up 12.3 percent), hybrid vehicles (up 18.1 percent), and plug-in hybrid vehicles (up 31.7 percent). By destination, automobile exports to the EU climbed 32.7 percent to $0.7 billion, while those to non-EU regions soared 78.7 percent to $0.6 billion year-on-year. Exports to the Middle East declined 13.8 percent to $0.4 billion, largely due to the ongoing Israel-Iran conflict. Meanwhile, domestic sales of eco-friendly vehicles set a new monthly record in July, accounting for 55.3 percent of total automobiles sold in Korea. In particular, EV sales spiked 69.4 percent year-on-year to nearly 26,000 units. As of July 30 (US local time), Korea and the US agreed to set tariffs on automobiles and auto parts at 15 percent, easing much of the trade uncertainty. The Korean government plans to support the automobile industry in swiftly adapting to the new trade environment and secure growth momentum through financial aid, technology development, and new market opportunities. date2025-08-20

MOTIE Hosts Strategy Meeting for Upcoming APEC Business Events

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) hosted a strategy meeting on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry in Seoul to ensure meaningful economic outcomes from upcoming Asia-Pacific Economic Cooperation (APEC) business events. In line with the 2025 APEC Economic Leaders’ Meeting week scheduled for October, MOTIE is preparing various business events, including the CEO Summit, Invest KOREA Summit, and Export Boom-Up Korea Week. The strategy meeting brought together relevant agencies to review preparations and discuss cooperative measures for tangible outcomes. At the meeting, MOTIE also discussed steps to attract top global business leaders and launched the control tower for the APEC business events. The control tower will focus on practical deliverables, such as facilitating engagement and partnerships between Korean and global companies, promoting investment, expanding exports, and identifying new collaborative projects. In his opening remarks, Trade Minister Yeo stated that the recent conclusion of Korea–U.S. tariff negotiations eased some export uncertainties, but risks persist amid a weakening multilateral trading system and growing protectionism. He added, “This year’s APEC business events should serve as a springboard for companies to take the next step forward.” He also noted that global attention is converging on APEC 2025 KOREA as it convenes amid rapid shifts in the trade landscape. Trade Minister Yeo stressed, “We must demonstrate open, middle-power leadership by facilitating cooperation between APEC member economies and contributing to regional economic revitalization.” This year marks the first time in 20 years that Korea is serving as APEC Chair. APEC 2025 KOREA will be the largest international event hosted under the new administration, providing an opportunity to showcase the country’s economic resilience and mature democracy to the world. date2025-08-19

Korea’s World-Leading LNG Carrier Industry Takes a Further Step Under MASGA

[Naming Ceremony for LNG Carriers] Minister JK (Jung-Kwan) Kim of  the Ministry of Trade, Industry and Energy (MOTIE) attended the naming ceremony for two very large liquefied natural gas (LNG) carriers on Thursday, August 14, 2025, at Hanwha Ocean’s Geoje Shipyard in Gyeongsangnam-do, Korea. The visit marked his first on-site engagement at an industrial facility since taking office. The two vessels are the first and second of five LNG carriers, valued at USD 1.2 billion, ordered in 2022 by a U.S. LNG producer. They will be deployed for global exports of U.S.-produced LNG. The vessels are very large LNG carriers, each with a capacity of 200,000 cubic meters, equivalent to roughly one day’s worth of LNG consumption for the Korean population in a single shipment. The projects is meaningful as a Korea–U.S. shipbuilding cooperation under the “Make American Shipbuilding Great Again (MASGA)” initiative and carry symbolic significance in that a Korean shipbuilder constructed vessels to transport U.S.-sourced energy. The ceremony also underscored Korea’s continued leadership in the high-value LNG carrier market. Of the 760 LNG carriers currently in operation worldwide, more than 70 percent were built in Korea. In the first half of this year, Korean shipbuilders secured all global orders for LNG carriers, maintaining the country’s leading position in the sector. In his congratulatory speech, Minister Kim described MASGA as a mutually beneficial initiative that supports the revitalization of the U.S. shipbuilding industry through shipyard investment, skilled workforce training, and  supply chain rebuilding, while creating new market opportunities for Korean companies. He added that the Korean government would promptly establish an interagency consultative body and work closely with U.S. counterparts to produce tangible results. [Visit to MRO Site of US Naval Vessel] Following the naming ceremony, Minister Kim visited the maintenance, repair, and overhaul (MRO) site at Hanwha Ocean’s Geoje Shipyard for Charles Drew, the third U.S. naval vessel to undergo MRO at the yard. He encouraged Hanwha employees and crew members of the Charles Drew, stating that “MRO for U.S. naval vessels mark the starting point for Korea–U.S. shipbuilding cooperation” and expressing his hope that “the Charles Drew would be restored through the technical capabilities of Korea’s shipbuilding industry, just like the previous two MRO projects.” [Meeting with Hanwha Ocean’s Labor Union Leader] Minister Kim also met with Kim Yoo-chul, head of Hanwha Ocean’s labor union and chair of the Daewoo Shipbuilding & Marine Engineering branch. The minister expressed his appreciation for the dedication of site workers who have contributed to the resurgence of Korea’s shipbuilding industry. Emphasizing that workplace safety requires joint commitment from labor, management, and the government, he called for coordinated efforts from all parties to prevent industrial accidents and ensure safe shipyard operations. He added that Korea–U.S. shipbuilding cooperation under MASGA should be viewed not as a diversion of orders to the United States, but as an opportunity to create new business prospects for Korean shipbuilders, and asked for continued cooperation in advancing bilateral shipbuilding collaboration. date2025-08-14

Korea’s ICT Exports Surge 14.4% in July

The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced on August 14 that Korea’s exports of ICT goods in July 2025 climbed 14.5 percent year-on-year to USD 22.2 billion, while imports grew 9.8 percent to $13.3 billion. The trade balance recorded a surplus of $8.9 billion. Despite policy uncertainties, including the announcement of new US tariffs, ICT exports reached an all-time high for the month of July. Semiconductor exports, in particular, achieved a record-breaking performance for four consecutive months. Semiconductor exports spiked 31.2 percent year-on-year, driven by rising contract prices for DRAM and NAND memory, alongside sustained global demand for high-value memory products such as HBM and DDR5. Communication device exports rose 4.6 percent, supported by demand for automotive communications equipment in the US and 5G equipment in Japan. Exports of displays (down 8.9 percent), mobile phones (down 21.7 percent), and computers/peripherals (down 17.1 percent) all declined; however, strong exports of finished smartphone products partially offset the drop. By destination, ICT exports increased to the US (up 11.9 percent), Vietnam (up 16.4 percent), the EU (up 18.0 percent), and Japan (up 23.9 percent), while exports to China (including Hong Kong) fell 5.6 percent. ICT imports in July rose 9.8 percent year-on-year to $13.3 billion, driven by gains in semiconductors (up 9.2 percent), mobile phones (up 19.3 percent), and computers/peripherals (up 15.6 percent). date2025-08-14

Korea-Vietnam Business Forum Held During State Visit by Vietnamese General Secretary To Lam

Prime Minister Kim Min-seok attended the Korea-Vietnam Business Forum at Lotte Hotel Seoul on the morning of Tuesday, August 12, 2025. The forum was co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Vietnam’s Ministry of Finance (MOF) during Vietnamese General Secretary To Lam’s state visit to Korea, demonstrating a commitment to strengthening bilateral relations The forum marked the first state visit since Korea’s new government took office and brought together over 500 participants, including Second Vice Minister of MOTIE Lee Ho-hyun and Minister of MOF Nguyen Van Thang, government officials, agency representatives, and business leaders from both countries. It also featured a corporate presentation session during which six Korean and Vietnamese firms shared insights on three key topics: digital transformation, advanced industries, supply chains, and energy. On the sidelines of the forum and in the presence of General Secretary To Lam and Prime Minister Kim, a total of 52 Memoranda of Understanding (MOUs) were signed between private businesses and agencies of the two countries across a wide range of sectors, including industrial cooperation, energy, and food and tourism, laying the groundwork for expanded economic partnership. In industrial cooperation, 28 MOUs were concluded across traditional manufacturing and emerging industries, including shipbuilding, aviation, AI, finance, and port logistics. These agreements are expected to diversify bilateral industrial cooperation through initiatives such as joint investment, workforce development, and industry-academia collaboration. In the energy sector, 11 MOUs were signed in areas such as clean energy and power grid stabilization, reinforcing the foundation for a stable and sustainable energy supply chain cooperation with Vietnam. In addition, three MOUs on high-speed rail partnerships were concluded, creating opportunities for Korean companies to participate in Vietnam’s national transportation and construction projects. Also, 10 MOUs on food, tourism, and other areas were signed, contributing to closer cultural cooperation between the two countries. The Korean government will work closely with the Vietnamese government through established economic cooperation platforms, such as the Joint Committee on Industry and Free Trade Agreements, to ensure that these MOUs are effectively implemented and deliver tangible results. date2025-08-14

Trade Minister Delivers Keynote Address at PECC, APEC’s Think Tank

Korea’s Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) attended the 32nd General Meeting of the Pacific Economic Cooperation Council (PECC) on Tuesday, August 12, 2025, at the Federation of Korean Industries (FKI) Conference Center in Seoul, Korea. The event was co-hosted by the Korea Institute for International Economic Policy (KIEP) and the Federation of Korean Industries (FKI). Established in 1980, PECC is an Asia-Pacific Economic Cooperation (APEC)-affiliated policy think tank that brings together government, industry, and academic leaders. It has served  as an official observer of APEC and directly contributed to the launch of APEC in 1989 by developing the concept for a regional economic cooperation body. This year’s General Meeting, held in Seoul as Korea prepares to host APEC in 2025 for the first time in two decades, is convened under the overarching theme, “Reimagining Asia-Pacific Cooperation: Trade, AI, and Demographics in a Shifting Global Landscape.” At the meeting, Trade Minister Yeo delivered a keynote address  alongside Professor James Robinson of the University of Chicago, 2024 Nobel Laureate in Economics. He presented Korea’s mid- to long-term trade strategies in response to fundamental shifts in the global trade environment, as well as his vision for the future direction of APEC. In his remarks, Trade Minister Yeo stated, “The global trade environment is undergoing a structural transformation,” identifying the securitization of economic issues, the weaponization of interdependence, and the rapid acceleration of AI and digital innovation as the three major changes. He stressed that trade, technology, and supply chains are no longer purely economic issues but matters directly linked to national security. He noted that while interdependence had in the past helped deter conflict and promote cooperation, rising protectionism is increasingly prompting countries to use it to pressure  other countries in pursuit of national interests. Trade Minister Yeo added that these shifts in the trade landscape have a particularly pronounced impact on Korea, given its high trade dependence (over 90 percent) and the significant share of manufacturing in its economy (27 percent). He set out three policy directions: diversifying supply chains and export markets by expanding cooperation with the Global South, including ASEAN and India; strengthening convergence policies that align trade, industry, and security around strategic sectors; and leading the establishment of new trade rules in areas such as climate change, supply chains, and AI. He stated, “Trade and industrial policy can no longer be pursued separately,” emphasizing the need for a package approach that links strategic sectors with trade negotiations, overseas investment, and technology cooperation. He further added, “We stand at a turning point where the trade order that underpinned global economic growth is at an inflection point.  More creative and practical cooperation at the APEC level is needed that ever.” He called on APEC and PECC—long regarded as incubators of policy ideas for Asia-Pacific economic growth and prosperity—to “once again chart a path for cooperation and solidarity for the region.” Looking ahead to the 2025 APEC Summit scheduled for October, MOTIE is preparing a series of international business events to deliver tangible economic outcomes. These include the APEC CEO Summit hosted by the Korea Chamber of Commerce and Industry; the Invest KOREA Summit; and Boom-Up Korea Week. The Korean government plans to successfully host APEC, demonstrating the country’s economic resilience and mature democracy while exercising open leadership as a middle power country in the changing global trade order. date2025-08-13

Korea and Vietnam to Strengthen Industrial Cooperation for Supply Chains and Energy Transition

Korea’s Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) signed a Memorandum of Understanding (MOU) with Vietnam’s Ministry of Industry and Trade (MOIT) on Monday, August 11, 2025, to promote cooperation in renewable energy. The signing took place immediately following the Korea–Vietnam summit held earlier that morning during General Secretary of the Communist Party of Vietnam To Lam’s state visit to Korea, with President Lee Jae Myung and General Secretary To Lam attending the ceremony.  Companies from both countries also signed an MOU on workforce development for nuclear power, laying the groundwork for substantive economic cooperation and a stronger, future-oriented partnership. MOTIE and MOIT signed the MOU on renewable energy cooperation to support a sustainable energy transition. Under the agreement, the two sides will pursue joint public-private projects in promising renewable energy areas—including solar power, wind power, and energy storage systems (ESS)—and help corporate investors address business challenges. Korea Electric Power Corporation (KEPCO) and Petrovietnam (PVN) also signed an MOU on nuclear power workforce development, with the two leaders in attendance. The agreement will train specialized personnel for the Korean nuclear power sector and deepen understanding of Korea’s nuclear technology to further strengthen the foundation for bilateral cooperation on nuclear power construction. Meanwhile, at a bilateral ministerial meeting held prior to the summit at Lotte Hotel Seoul, the two ministers exchanged Records of Discussion signed by the Korea Institute for Advancement of Technology (KIAT) and Vietnam’s National Institute of Mining and Metallurgy Science and Technology on establishing a technology cooperation center for critical mineral supply chains in Vietnam. Under the arrangement, the two sides will launch a five-year development assistance program (ODA) in the second half of 2025, investing KRW 16.6 billion (USD 12 million) to procure equipment, provide technical guidance, and train personnel for the beneficiation and smelting of critical minerals in Vietnam. Going forward, the Korean government will support corporate activities to translate the MOU into concrete business projects through continued public-private cooperation. date2025-08-12

APEC 2025 Leads Discussion on Regulatory Improvements to Boost Services Trade

The Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) held the Workshop on Recent Approaches to the Domestic Regulation of Services in the Asia-Pacific Economic Cooperation (APEC) region on Wednesday, August 6, 2025, at Songdo ConvensiA in Incheon, on the sidelines of the third APEC Senior Officials’ Meeting. Domestic regulation of services refers to efforts to enhance transparency and predictability in domestic processes—such as licensing and qualification—with the goal of reducing transaction costs and promoting trade in services. APEC established relevant non-binding principles in 2018, while the World Trade Organization (WTO) adopted legally binding disciplines in 2021 following plurilateral negotiations. These disciplines entered into force in 2024 and currently apply to 72 WTO members, including 16 APEC economies. According to WTO data, these members account for over 92.5 percent of global services trade, and implementation of the disciplines is projected to cut global trade costs in the services sector by more than USD 127 billion. The MOTIE workshop brought together government delegations from Australia, Taiwan, Hong Kong, and the United States; Jaime Coghi Arias, Chair of the WTO negotiations on services domestic regulation; Jillian DeLuna, Convenor of the APEC Group on Services; and representatives from the APEC Business Advisory Council (ABAC), the Korea Culture and Tourism Institute (KCTI), Walmart, and other industry and expert groups. The program consisted of four sessions covering recent developments in APEC and WTO discussions, best practices among member economies, the impact of domestic regulation on services trade, sector-specific issues such as tourism and AI, and future directions for regulatory development. At the event, Oh Choong-jong, Director General for Multilateral Trade and Legal Affairs at MOTIE, stated, “The services industry is a key driver of economic growth in the APEC region, and its importance continues to grow as digital transformation expands its scope.” He added, “APEC is an incubator of new ideas and has supported the multilateral trading system. We hope this workshop will serve as a catalyst for achieving meaningful outcomes at the 14th WTO Ministerial Conference scheduled for next year." date2025-08-06