Seoul, May 8 (IANS) South Korean stocks started lower on Friday on profit hunting following a recent rally and renewed military tensions in the Middle East after the United States and Iran exchanged fire.Opening 1.82 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) lost 163.99 points, or 2.19 per cent, to 7,326.06 as of 9:15 a.m, reports Yonhap news agency.The index had been on a bullish run to hit record highs for three consecutive sessions starting Monday, gaining nearly …
Latest Ministry of Trade News & Updates
Seoul, May 7 (IANS) South Korea has called on the international community to jointly respond to the recent spread of trade restrictive measures by major economies in a high-level meeting of World Trade Organization (WTO) member nations, the trade ministry said on Thursday.Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, attended the WTO’s General Council meeting held for two days beginning Wednesday (local time) in Geneva, as the chief repre…
Seoul, May 1 (IANS) South Korea’s exports exceeded $80 billion for the second consecutive month in April, jumping nearly 50 per cent from a year earlier on the back of robust shipments of semiconductors, government data showed on Friday.Outbound shipments totalled $85.89 billion last month, up 48 percent on-year, according to the data compiled by the Ministry of Trade, Industry and Resources, reports Yonhap news agency.The April tally marks the second-highest monthly export figure for the countr…
Seoul, April 29 (IANS) Trade ministers of South Korea and Qatar agreed on Wednesday to expand the two countries’ cooperation in advanced industries, including artificial intelligence (AI) transformation of the manufacturing sector, semiconductor and biohealth, a Seoul ministry said.Trade Minister Yeo Han-koo met with his Qatar counterpart, Ahmed bin Mohammed Al-Sayed, in Seoul to discuss ways to expand economic and investment cooperation between the two nations, according to the Ministry of Trad…
Seoul, April 28 (IANS) The industry ministry here said on Tuesday it will provide a combined 300 billion won ($203.6 million) in support for projects aimed at facilitating the artificial intelligence (AI) and green transformation of industrial complexes.The support will be offered over the next three to four years for nine projects aimed at creating the so-called smart and green industrial complexes, according to the Ministry of Trade, Industry and Resources. The ministry will first invest a com…
Seoul, April 23 (IANS) The government here said on Thursday it will maintain the current price ceilings on fuel products for another two weeks considering international oil prices and demand-side controls.Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will remain unchanged at 1,934 won (US$1.3), 1,923 won and 1,530 won per litre, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources.It marks the…
Seoul, April 16 (IANS) The Seoul government has submitted a formal opinion letter on the United States’ ongoing probes into South Korea and other nations involving what it calls “unfair” trade practices related to structural excess production and forced labour, officials said on Thursday.The letter was submitted by the Ministry of Trade, Industry and Resources to the office of the US Trade Representative (USTR) ahead of public hearings on the ongoing trade investigation scheduled to begin next m…
Seoul, April 9 (IANS) The United States’ recent adjustment of its metal tariffs will likely reduce the overall administrative burden on South Korean companies, though the impact may differ by item, Seoul’s trade minister said on Thursday, vowing efforts to help companies minimise their burden.Trade Minister Yeo Han-koo made the assessment during a meeting with officials from industries affected by U.S. tariffs on steel, aluminum and copper imports, as well as their derivatives, according to the …
Seoul, April 8 (IANS) The South Korean government vowed Wednesday efforts to help South Korean vessels stuck in the Strait of Hormuz to safely pass through the shipping route after the United States and Iran agreed to a two-week ceasefire with the full reopening of the crucial passage for oil.The Ministry of Trade, Industry and Resources will cooperate with the foreign and oceans ministries to ensure the safe and swift passage of Korean oil tankers tied up at the Hormuz strait, officials said.Th…
Seoul, April 8 (IANS) South Korean stocks rose sharply higher late on Wednesday morning as the United States and Iran agreed on a two-week ceasefire and reopening the Strait of Hormuz.The benchmark Korea Composite Stock Price Index (KOSPI) rose 326.12 points, or 5.94 percent, to 5,820.9 as of 11:20 am (local time), reports Yonhap news agency.The bourse operator activated a buy-side sidecar, temporarily halting program-driven buy orders in KOSPI futures earlier in the session.U.S. President Donal…