Ministry of Trade Industry and Resources

Korea and Algeria Launch Talks to Resume Joint Economic Committee

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held the first director general-level working meeting with Algeria by videoconference on May 27, 2025, as the two sides moved to resume the Korea-Algeria Joint Economic Committee, the two countries’ ministerial-level cooperative channel. Algeria, the only African country to have forged a strategic partnership with Korea,  has the largest land area in the continent, abundance in energy and mineral resources, comparatively younger demographic structure, and a strategic location as a gateway to Africa and Europe.  The Korea-Algeria Joint Economic Committee was convened three times through 2007, but was later suspended amid weakened momentum for economic cooperation following the drop in global oil prices and the COVID-19 pandemic. Recently, the two countries have opened talks on resuming the Committee in anticipation of wider cooperation and industrial diversification. Over the years, Korea’s plant and construction companies have long taken part in Algeria’s various infrastructure projects, including combined cycle power plants, highways, and container terminals. Cooperation is also expected to expand in manufacturing sectors such as automobiles and home appliances. The meeting marked a preliminary round of working-level preparations for the fourth ministerial Korea-Algeria Joint Economic Committee. The two sides reviewed areas of mutual interest and explored opportunities for concrete cooperation across a wide range of agendas spanning industries, energy, digital, ICT, agriculture, environment, healthcare, and culture.  The Korean side also proposed that the two sides enter an Economic Partnership Agreement (EPA) as a legal and institutional basis for expanding bilateral trade and investment. The two sides also agreed to discuss hosting a business cooperation event in conjunction with the ministerial-level Committee meeting. Noting the significant potential for economic cooperation with Algeria, Korea’s Director General for International Trade Relations Kim Jong-chul stated that additional working-level meetings will be held in the near future to finalize bilateral agenda in order to resume the ministerial-level joint Committee after an 18-year hiatus. date2025-05-28

Korea’s retail industry grows 7.0% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry advanced 7.0 percent year-on-year in April 2025, with offline sales receding 1.9 percent and online sales climbing 15.8 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. Offline sales were affected by weakened consumer confidence, increasing online purchases, and the rapidly shifting weather patterns observed recently, which led to a decline in outdoor activities. As a result, hypermarkets and department stores saw sales shrink 3.1 percent and 2.9 percent, respectively. Meanwhile, SSMs gained 0.2 percent while convenience stores (down 0.6 percent) slowed for the second time this year following their previous decline in February. Online sales are on an upward trajectory, driven by the expansion of online shopping, heightened competition among delivery services, and the wider range of available services. Most categories of offline sales slid with the exception of luxury goods (up 1.1 percent), while online retail sales continue to grow on the backs of food products (up 21.3 percent) and services (up 50.1 percent) such as food delivery, e-coupons, and travel packages. Online sales of fashion/clothing (down 8.6 percent) are still sluggish, whereas cosmetics (up 11.6 percent) are maintaining growth.   date2025-05-28

Korea and Japan’s Business Leaders Expand Economic Cooperation

Korea’s Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the 57th Korea-Japan Business Conference in Seoul on May 27, 2025, jointly hosted by MOTIE, Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation to mark the 60th anniversary of the two countries’ normalization of diplomatic relations.  Launched in January 1969 following the normalization of diplomatic relations in 1965, the Korea-Japan Business Conference has served as a major bilateral forum for advancing the two countries’ economic cooperation. In his congratulatory remarks, Trade Minister Cheong expressed gratitude to the business leaders of both countries for their commitment to economic cooperation over the past 60 years and proposed that the two governments and business communities work together to lay the groundwork for a new chapter of cooperation for the next 60 years.  Noting the increase in global trade uncertainties, Trade Minister Cheong stated that the two governments will maintain trade collaboration through close communication, while also providing strong support to expand the scope of bilateral economic cooperation in supply chain stabilization, decarbonization, and new energy, as well as joint entry into the Global South and other third-country markets. He also encouraged the business leaders to actively leverage international events hosted by Korea and Japan, including APEC 2025 and the Osaka-Kansai World Expo. Under this year’s theme of “broader and deeper Korea-Japan cooperation,” the two countries’ economic groups discussed joint measures to establish and build trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward. date2025-05-27

“K-FEZ Day in Europe” Launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) launched “K-FEZ Day in Europe” in London and Frankfurt from May 19 to 23, 2025. First held in Singapore in 2024, K-FEZ Day is co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA) to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. The 2025 K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, the delegation held a Korea-UK Investment Seminar attended by more than 30 British real estate investors and other potential investors, including Leonard Design Architects and Pure Data Centres Group. The seminar presented the strengths of Korea’s FEZs and the investment strategies of each FEZ. Following the seminar, participants and investors engaged in one-on-one business consultations in the areas of hotels, offices, healthcare facilities, and logistics. In Germany, the delegation convened a Korea-Germany Advanced Industries Roundtable with local companies holding track records of Korea-bound investments, including DB Schenker, AMDT, Prettl, and Wilo. At the roundtable, the delegation encouraged stronger interest in FEZs and sought further investments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyun-jo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity to promote Korea’s FEZs face-to-face in major investor countries. He added that Korea will continue to follow up on the outcomes of the event through the KOTRA Business Centers. date2025-05-23

Korea Trade Commission Holds 460th Meeting

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the 460th KTC meeting at the Government Complex Sejong on May 22, 2025, to deliberate on and resolve one anti-dumping investigation and receive a report on three newly launched anti-dumping investigations. Regarding the anti-dumping investigations on Chinese and Taiwanese petroleum resin initiated in August 2024, the KTC determined that products have been dumped and that the dumped imports had caused injury to domestic industries. Accordingly, the KTC recommended a five-year anti-dumping duty of between 2.26% and 18.52% on the said products to Korea’s Minister of Economy and Finance. The KTC also received a report on three newly launched anti-dumping investigations on fiberboards imported from Thailand, industrial robots from Japan and China, and butyl glycol ether (BGE)from Saudi Arabia. On the same day, the KTC held a public hearing on injury to the domestic industry from dumped imports of hot-rolled carbon and other alloy steel plates from China, for which investigations were initiated in October 2024. The hearing was held ahead of the final determination to give interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of between 27.91% and 38.02% through April 24–August 23, 2025. The final determination will be issued in the second half of 2025 following domestic and overseas due diligence procedures. date2025-05-22

Korea Leads IPEF Crisis Exercise to Strengthen Indo-Pacific Supply Chain Coordination

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced that as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), Korea will host a virtual supply chain emergency tabletop exercise on May 22, 2025, to strengthen cooperation among IPEF partners in rapid responses to supply chain disruptions and enhance their crisis response capacity. The tabletop exercise will simulate a scenario in which member “Country A,” facing a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection, requests CRN Chair Korea to convene an emergency meeting to assist procurement. Through simulation, IPEF partners will assess the outbreak’s impact on the intraregional supply chain and explore support measures among member countries. As the second such exercise since last year, today’s simulation is designed not only to closely reflect a real emergency by incorporating input from the pharmaceutical supply chain experts and partner countries, but also to involve the ministries overseeing pharmaceuticals to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity-building project. The two countries plan to provide country-tailored training on supply chain management and crisis response policymaking to reinforce IPEF partners’ capacity to respond to supply chain disruptions. They will also share best practices and discuss ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of 2025 and to continue advancing the Korea-Australia IPEF supply chain capacity building project. date2025-05-22

Korea’s automobile exports record $6.5 billion in April

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced today that domestic automobile sales for the month of April 2025 logged 150,622 units, increasing month-on-month for the third consecutive month. Domestic sales advanced 6.7 percent year-on-year on the backs of continued demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), each gaining 50.3 percent and 29.9 percent year-on-year, respectively, in terms of units. Their aggregate sales volume accounts for 46 percent (68,048 units) of Korea’s entire domestic sales in April. Korea’s automobile exports for April (USD 6.5 billion) saw growth in destinations like the EU, Asia, Middle East, Latin America, and Africa. Exports to the EU advanced 26.7 percent year-on-year, based on strong demand for Korean EV models in the local market. Moreover, the robust exports of secondhand cars helped boost auto exports to non-EU European countries (up 11.6 percent) and Asia (up 53.9 percent). Meanwhile, U.S.-bound automobile exports shrank 19.6 percent from the impact of tariffs and other factors, including a major Korean automaker’s opening of a new production plant in Georgia, U.S. Automobile production inched down by only 2.2 percent to 385,621 units in spite of growing trade uncertainties, powered by surging domestic sales and Korean automobiles’ solid performance in the EU and non-U.S. markets.   date2025-05-20

Korea Strengthens Cooperation with Asia-Pacific Economies to Address Global Trade Uncertainties

Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held high-level bilateral talks on Jeju Island on May 14–16, 2025, with trade representatives of 14 APEC member economies and the World Trade Organization (WTO), on the sidelines of the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. The talks reviewed the recent developments in U.S. tariff consultations with major economies and discussed measures to enhance trade and economic cooperation in addressing global trade uncertainties. First, Trade Minister Cheong met with U.S. Trade Representative Jamieson Greer on May 15 to review the status of U.S. tariff consultations with major economies and exchange views on the Korea-U.S. technical discussions launched on May 1, 2025. Representative Greer noted Korea’s efforts to deliver meaningful outcomes as chair of APEC 2025 through the 2025 APEC MRT Meeting. On May 16, Trade Minister Cheong met with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA). Commemorating the 60th anniversary of the normalization of diplomatic relations, the two sides agreed to deepen collaboration in advanced industries, hydrogen and other emerging energy sectors, and supply chain resilience. They also pledged to work together toward the success of APEC 2025 and the Osaka-Kansai Expo and to actively leverage both Korea-Japan and Korea-U.S.-Japan cooperation platforms. In his meeting with Indonesia’s Minister of Trade Budi Santoso, Trade Minister Cheong highlighted that more than 2,000 Korean companies are currently operating in Indonesia, requesting the Indonesian government’s support in resolving issues affecting Korean firms, including local certification and import restrictions, so as to ensure stable business operations. Meanwhile, Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan, to discuss ways to expand Korea-Canada cooperation as the two countries mark the 10th anniversary of their bilateral FTA and to discuss support for Korean companies operating in Canada. He also met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, to review progress in the Korea-Chile FTA upgrade negotiations and to ask for the Chilean government’s support for Korean companies seeking to participate in Chile’s lithium development projects. Trade Minister Cheong stated that the bilateral talks with 14 Asia-Pacific economies’ trade leaders and the WTO Director-General helped Korea share insights on global developments and trade response measures, while advancing close cooperation on key issues such as building resilient critical minerals supply chains, expanding trade networks, and addressing challenges faced by Korean companies operating overseas. He added that the ministry will strive to mitigate trade uncertainties and external risks based on the insights and strengthened intraregional cooperation. date2025-05-19