South Korea’s export of battery products decreased by 1.6% in 2023 compared to the previous year due to a slowdown in electric vehicle sales, as reported by the Ministry of Trade on Sunday.
According to the Ministry of Trade, Industry, and Energy, the value of shipments of rechargeable batteries amounted to $9.83 billion, marking the first decline since 2015. The export of rechargeable batteries had been steadily growing, reaching $9.98 billion in 2022 after surpassing $5 billion in 2017.
The trade surplus in the rechargeable battery segment dropped to $900 million last year from $5.83 billion in 2019 due to increased battery imports from China.
The decline in battery exports is also a result of Korean battery manufacturers expanding their production overseas instead of expanding domestic facilities.
The three largest battery companies in South Korea – LG Energy Solution, SK On, and Samsung SDI Co. – have been making efforts to expand production in their overseas facilities in the United States and Europe to take advantage of local tax incentives.
FAQ:
1. What is the latest event regarding the export of battery products in South Korea?
The Ministry of Trade reported that South Korea’s export of battery products decreased by 1.6% in 2023 compared to the previous year.
2. Why did the export of battery products decline?
This decline is a result of the slowdown in electric vehicle sales.
3. What is the source of this information?
The information comes from the Ministry of Trade, Industry, and Energy.
4. What was the value of shipments of rechargeable batteries in 2023?
The value of shipments of rechargeable batteries amounted to $9.83 billion.
5. Was this the first decline in the value of shipments of rechargeable batteries?
Yes, it was the first decline since 2015.
6. How has the export of rechargeable batteries been developing in recent years?
The export of rechargeable batteries had been steadily growing, reaching $9.98 billion in 2022 after surpassing $5 billion in 2017.
7. What caused the decline in the trade surplus in the rechargeable battery segment?
The decline in the trade surplus was due to increased battery imports from China.
8. Why did battery exports decline?
The decline in battery exports is also a result of Korean battery manufacturers expanding their production overseas instead of expanding domestic facilities.
9. Which companies have been making efforts to expand production in overseas facilities?
The three largest companies – LG Energy Solution, SK On, and Samsung SDI Co. – have been making efforts to expand production in their overseas facilities in the United States and Europe.
Definitions:
– Ministry of Trade, Industry, and Energy: The ministry in South Korea responsible for trade, industry, and energy affairs.
– Shipments of rechargeable batteries: Refers to battery products that can be recharged, such as batteries for electric vehicles.
– Trade surplus: The difference between the value of exports and imports.
– Overseas facilities: Factories or manufacturing plants located outside the country.
Suggested related links:
– lgesspartner.com (LG Energy Solution website)
– Ilink name (SK Group website)
– samsungsdi.com (Samsung SDI Co. website)
The source of the article is from the blog hashtagsroom.com