Ministry of Trade Industry and Resources

Korea’s retail industry advances 11.7% in January

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 11.7 percent year-on-year in the month of January 2025, with offline and online sales advancing 8.8 percent and 14.6 percent, respectively. 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. By offline retail channel, hypermarket sales jumped 16.1 percent as Seollal holiday demand spurred sales across all categories, centering on food products (up 19.1 percent), home appliances/culture (up 7.5 percent), and home/living (up 8.2 percent). Department store sales climbed 10.3 percent on the backs of Seollal gift purchases, led by foreign designer labels (up 17.3 percent), food products (up 24.9 percent), and kids/sports (up 9.3 percent). Convenience store sales inched up 1.7 percent, with food products (up 2.5 percent) and nonfood products (up 0.9 percent) both increasing, whereas instant food products (down 5.0 percent) shrank for the first time since last year’s Chuseok holidays in September 2024. SSM operators rose 4.8 percent as food products (up 5.1 percent) and nonfood products (up 1.4 percent) both grew, thanks to higher demand for home dining and kitchenware during the Seollal holidays. Online retail sales (up 14.6 percent) enjoyed robust demand for food products (up 19.6 percent), cosmetics (up 7.7 percent), and service/other (up 73.3 percent), fueled by purchases of Seollal holiday gift and e-coupons, rental services for water purifiers and other items, as well as the expansion of online platforms’ delivery services. Meanwhile, sales of fashion/clothing (down 12.8 percent), sports (down 11.9 percent), and home appliances/electronics (down 6.2 percent) continued to slow.   date2025-02-25

Korea and Vietnam to Strengthen Nuclear Power Cooperation

Minister for Trade, Industry and Energy (MOTIE) Ahn Duk-geun met with Vietnam’s Trade and Industry Minister Nguyen Hong Dien today in Seoul on February 25, 2025, to discuss measures to widen energy and trade cooperation. Vietnam is Korea’s largest trading and investment partner in AESAN and its third largest trading partner in the world following China and the U.S.. It is home to approximately 9,000 Korean companies. Today’s bilateral talks took place on the margins of Minister Nguyen Hong Dien’s visit to Korea for discussions on nuclear power cooperation, following Vietnam’s recent decision to resume its nuclear energy development.  During the meeting, the Vietnamese delegation outlined recent developments in the country’s nuclear power policy and proposed expanding nuclear energy cooperation between the two countries. The Korean delegation suggested to resume the bilateral director general-level nuclear industry dialogue channel, which has been on hiatus since 2017, for consultations on more concrete collaboration measures. In view of current uncertainties in the trade landscape, the two sides agreed to maintain close coordination and communication to mitigate business challenges Korean companies experience in Vietnam and to swiftly conclude negotiations on upgrading the Korea-Vietnam Free Trade Agreement (FTA) to facilitate customs clearance for exporters. They also decided to strengthen cooperation in supply chains through the critical minerals supply chain technology cooperation center project to be launched in 2025. date2025-02-25

Korea to Strengthen Energy Cooperation with Türkiye and Saudi Arabia

Deputy Minister for Energy Policy Lee Ho-hyeon at the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) will visit the Republic of Türkiye and Saudi Arabia from February 24 to 27, 2025, for high-level intergovernmental talks on bilateral energy cooperation in areas including nuclear power, power grids, hydrogen, and petroleum. On February 24, Deputy Minister Lee is meeting with Turkish Deputy Ministers of Energy and Natural Resources Zafer Demircan and Ahmet Berat Çonkar to exchange views on various bilateral energy agendas, including nuclear power and clean energy. To secure a stable energy supply, Türkiye is seeking to build a 20GW nuclear reactor by 2050. In addition to implementing the Akkuyu nuclear power plant (NPP) project launched in 2010, the Turkish Ministry of Energy and Natural Resources is currently seeking contractors for new nuclear power projects in the Sinop and Thrace. The high-level visit will resume government-level dialogue on nuclear power between the two countries for the first time in 13 years and is expected to give momentum to further discussions. On February 26, Deputy Minister Lee will also meet with Saudi Arabia’s Assistant Minister of Energy for Electricity Affairs Nasser Al-Qahtani to discuss policy trends and bilateral cooperation regarding large-scale NPP projects, power grid expansions, and clean hydrogen. Saudi Arabia is diversifying its energy mix and transitioning to an energy system suitable for sustainable growth, creating considerable potential for collaboration with Korea over a wide range of energy sectors. “We will closely examine the policies adopted by countries to promote sustainable development and respond to climate change,” said Deputy Minister Lee. “We will also work to strengthen energy cooperation with Europe and the Middle East so that these efforts create new opportunities for Korean companies.” date2025-02-24

Minister Ahn Discusses Stronger Korea-U.S. Cooperation with U.S. Embassy Chargé d'Affaires ad Interim

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, on February 21, 2025, to discuss measures to strengthen Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts to ensure the successful hosting of the Asia-Pacific Economic Cooperation (APEC) 2025 in Korea. Minister Ahn noted that Korea-U.S. relations have developed into an economic and advanced industrial alliance, supported by the steady expansion of bilateral trade and investment. He expressed hope that cooperation between the two countries would continue to expand and deepen under the new U.S. administration. Viewing that the Korea-U.S. partnership has strong potential to deepen cooperation in advanced sectors such as batteries, semiconductors, shipbuilding, and energy, Minister Ahn underscored the need to maintain consistency and stability in key policies and systems on both sides that could affect bilateral trade and investment. Chargé d'Affaires ad interim Yun responded that the U.S. Embassy would do its utmost to bolster the Korea-U.S. alliance, which has developed deep ties in security, the economy, and other areas over the past 70 years. The Korean government plans to maintain close consultation with the U.S. government while monitoring the new administration’s trade and economic measures and their potential impact on bilateral trade and investment. date2025-02-21

Korea and Netherlands Discuss Stronger Industrial Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Dutch Minister of Economic Affairs Dirk Beljaarts in Seoul on February 20, 2025, to discuss measures to strengthen Korea-Netherlands industrial cooperation. Among EU member states, the Netherlands is Korea’s second largest trading partner, with bilateral trade reaching USD 15.0 billion in 2024, and its largest investor, with cumulative investment pledges totaling $39.9 billion as of September 2024. Businesses from both countries are actively collaborating in advanced industries such as semiconductors and batteries. During today’s talks, the two sides discussed bilateral cooperation, economic security, supply chains, and semiconductors, sharing recent industrial policy developments and progress in cooperation. Noting the active Korea-Netherlands joint R&D cooperation in information and communications technology (ICT) and biotechnology, Minister Ahn expressed hope that technology collaboration would expand through continued in-depth consultations within the bilateral Joint Innovation Committee established between MOTIE and the Netherlands’ Ministry of Economic Affairs. Minister Ahn highlighted the need for continued intergovernmental cooperation on export controls and supply chains, and both sides agreed that economic security is a key issue shared by the two countries amid growing uncertainty in global trade. Commending the smooth progress of the bilateral semiconductor dialogue, the Future Chips Academy, and other joint semiconductor initiatives since the establishment of the Korea-Netherlands Semiconductor Alliance in December 2023, Minister Ahn underscored the importance of close bilateral cooperation amid growing uncertainties in the global semiconductor supply chain. date2025-02-20

Korea’s automobile exports record 2nd highest for January

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports recorded USD 5.0 billion in January 2025, the second highest for the month.  Hybrid electric vehicles (HEVs) set fresh all-time highs in shipments for January, selling 35,701 units (up 35.5 percent year-on-year) in overseas markets, but the export value dropped 19.6 percent owing to last year’s high base effect and this year’s reduced number of working days (-4) from the long Seollal holidays. Korea’s automobile production amounted to 290,590 units in January, down 18.9 percent. In addition to the lower number of working days and high base effect, the decline is also attributed to temporary production suspension at a car manufacturing plant during the month of January for transitioning to EV production. Domestic sales fell 9.0 percent to 105,928 units. By model type, this year saw increasing demand for sedans whereas SUV sales enjoyed growth last year.   date2025-02-18

Korea and Czech Republic Advance Carbon-Free Energy Technology Cooperation at Joint Forum

On February 18, 2025, Vice Minister Choe Nam-ho of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the Korea-Czech Republic Energy Technology Forum, which was co-hosted by MOTIE and the Czech Ministry of Industry and Trade and co-organized by the Korea Energy Technology Evaluation and Planning (KETEP) and the Technology Agency of the Czech Republic (TACR).  The Forum was brought together roughly 150 industry, academic, and research experts and government officials from both countries, including Czech Minister for Industry and Trade Lukáš Vlček, TACR Chairman Petr Konvalinka, and KETEP President Lee SeungJae, to discuss bilateral cooperation in energy technology. During the presentation session, Korean and Czech experts shared the latest technology trends and proposed future technology collaboration, focusing on power grids and energy storage systems (ESS), as well as carbon-free energy areas such as nuclear power and clean hydrogen. In the subsequent panel discussions and networking session, participants broadened their mutual understanding of various technology fields and explored potential joint projects. In his welcome address, Vice Minister Choe noted the Czech Republic’s status as the manufacturing powerhouse of Central Europe and highlighted that the two countries can could create meaningful opportunities in the transition to carbon neutrality by generating synergy between Korean and Czech businesses. He added that MOTIE will continue supporting joint research based on close bilateral cooperation to help create new business opportunities in the energy sector. MOTIE plans to further develop the cooperation measures discussed at today’s Forum through consultations with relevant Czech authorities in selecting new Korea-Czech projects for international joint research. date2025-02-18

Korea and Czech Republic Hold Second Supply Chain and Energy Dialogue (SCED)

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held the second Supply Chain and Energy Dialogue (SCED) meeting with the Czech Minister for Industry and Trade Lukáš Vlček in Seoul on February 17, 2025. Launched in September 2024, the SCED is a Korea-Czech Republic cooperation channel aimed at strengthening bilateral strategic partnership and laying the foundation for comprehensive economic cooperation across trade, industry, and energy, including nuclear power. At the second meeting, the two sides reviewed progress in trade, investment, supply chains, advanced industries, carbon-free energy, and nuclear power and discussed in-depth discussions on future cooperative measures. In view of growing protectionism, both sides shared examples of response to supply chain disruptions and discussed measures to expand bilateral trade. In advanced industries, they discussed steps to establish cooperation centers in batteries, future mobility, and robotics and signed a memorandum of understanding (MOU) on semiconductor cooperation in R&D and workforce training.  Regarding carbon-free energy, the Korean delegation shared Korea’s energy efficiency policies for industrial, energy, and transport sectors, and both sides agreed to strengthen cooperation on clean hydrogen technology development. Noting Korea’s smooth progress in the nuclear reactor contract negotiations in accordance with the predetermined timeline and procedures, the two sides further discussed cooperation in joint R&D and workforce training. At the Korea-Czech Republic investment and business conference held on the sidelines of the SCED, businesses and institutions from the two countries signed a total of six MOUs. Minister Ahn expressed hope that the two countries would expand bilateral trade and investment and broader cooperation across advanced manufacturing, supply chains, and energy and other areas. In light of the two countries’ 35th anniversary of the establishment of diplomatic relations and the 10th anniversary of their bilateral strategic partnership, Minister Ahn called for the smooth conclusion of the final contract for the construction of new reactors in Dukovany and proposed taking bilateral relations to an entirely new level. date2025-02-17