Seoul: South Korea’s exports of battery products fell 1.6 per cent in 2023 from a year earlier after posting growth for the previous seven years amid a slowdown in electric vehicle sales, the trade ministry said on Sunday.
The country’s rechargeable battery shipments fell to $9.83 billion, marking the first on-year decline since 2015, according to the Ministry of Trade, Industry and Energy.
Rechargeable battery exports continued to increase to $9.98 billion in 2022 after exceeding $5 billion in 2017.
The trade surplus in the rechargeable battery segment plunged to $900 million last year from $5.83 billion in 2019 due to increased battery imports from China, the ministry said.
The slump in battery exports is also due to Korean battery makers’ increased overseas production instead of expanding domestic facilities.
The country’s three major battery firms — LG Energy Solution, SK On and Samsung SDI Co. — have stepped up their efforts to expand production at their overseas plants in the United States and Europe to benefit from local tax cuts.
–IANS