S.Korean battery exports fall 1.6% amid slowing EV demand ...Middle East

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 b

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