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South Korea's battery exports decline by 1.6% in 2023

South Korea's battery exports decline by 1.6% in 2023

By Mohamed nasar

Published: February 4, 2024


South Korea's battery exports declined by 1.6% in 2023 compared to the previous year, after having recorded growth over the previous seven years amid a slowdown in electric vehicle sales, the South Korean Ministry of Trade reported today, Sunday.

The South Korean Ministry of Trade, Industry and Energy stated that the country's rechargeable battery exports fell to $9.83 billion, marking the first year-on-year decrease since 2015, according to the South Korean Yonhap News Agency.

South Korea's rechargeable battery exports in 2022 amounted to $9.98 billion after exceeding $5 billion in 2017.

The decline in battery exports is also attributed to increased production by Korean battery manufacturers abroad instead of expanding domestic facilities.

It is noted that South Korea's three major battery companies "LG Energy Solution," "SK On," and "Samsung SDI" have intensified efforts to expand production at their overseas plants in the United States and Europe to benefit from local tax reductions in those destinations.

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