Seoul, Feb 15 (IANS) South Korea is preparing to form a team of working-level specialists to back a newly launched government committee tasked with the preliminary review of potential investment projects in the United States as part of a trade deal between the two countries, trade authorities said on Sunday.The move comes shortly after the Korea-U.S. strategic investment memorandum of understanding (MOU) implementation committee held its inaugural meeting Friday to explore potential projects, as…
Latest Ministry of Trade News & Updates
Seoul, Feb 9 (IANS) South Korea could significantly strengthen the competitiveness of its bio-health industry by leveraging its abundant, high-quality bio data through artificial intelligence (AI), a central bank report showed on Monday.According to the report by the Bank of Korea (BOK) on measures to foster the advanced bio-health sector, South Korea lags behind leading countries in such areas as innovative new drugs and advanced medical devices, while the global market is expected to grow at a…
Seoul, Feb 5 (IANS) Major global investment banks (IBs) have upgraded their forecasts for South Korea’s economic growth this year, citing an upcycle of the global semiconductor industry, a report by a financial organisation said on Thursday.The average forecast for economic growth of Asia’s fourth-largest economy by eight major global investment banks (IBs) stood at 2.1 percent as of end-January, up 0.1 percentage point from their median outlook published a month earlier, according to the report…
Seoul, Feb 4 (IANS) South Korea’s electric vehicle (EV) exports to the United States plunged nearly 90 per cent last year, hit by Washington’s auto tariffs and the rollback of subsidies under the administration of US President Donald Trump, industry data showed on Wednesday.According to the data from the Korea Automobile & Mobility Association, South Korea’s EV exports to the U.S. totalled 12,166 units in 2025, down 86.8 percent from 92,049 units the previous year, reports Yonhap news agency…
Seoul, Jan 18 (IANS) The number of companies operating in South Korea’s free economic zones rose 4.4 per cent from a year earlier in 2024, driving gains in employment and investment, the industry ministry said on Sunday.A total of 8,590 companies were operating in the country’s free economic zones at the end of 2024, up from 8,228 firms a year earlier, according to data from the Ministry of Trade, Industry and Resources, reports Yonhap news agency.Employment at those firms increased 8.8 percent …
Seoul, Jan 15 (IANS) South Korea’s exports of automobiles reached an all-time high of $72 billion last year thanks to the strong overseas demand for eco-friendly vehicles and used cars, government data showed on Thursday.The figure marked a 1.7 per cent increase from $70.8 billion in exports in 2024, and a 1.55 per cent rise from the previous high of $70.9 billion tallied in 2023, according to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.It also marked the third cons…
Seoul, Jan 8 (IANS) China’s recent ban on exports of dual-use items with military applications to Japan will likely impact South Korea’s imports and industries, the industry ministry said on Thursday, vowing measures to prevent a supply shortage of affected items.The Ministry of Trade, Industry and Resources held a supply chain inspection meeting with relevant ministries and industrial associations Thursday to assess the impact of China’s latest decision, reports Yonhap news agency.On Tuesday, C…
Seoul, Dec 29 (IANS) South Korea’s annual exports surpassed US$700 billion for the first time on Monday, making the country the sixth in the world to reach the milestone, government data showed.Outbound shipments tentatively exceeded the mark at 1:03 p.m., according to the data from the Ministry of Trade, Industry and Resources and the Korea Customs Service, reports Yonhap news agency.South Korea followed the United States, Germany, China, Japan and the Netherlands in surpassing the milestone, t…