Anduk Geun, Minister of Industry, "Battery Industry to Improve in Second Half... Expecting 'Lower-High' Export Performance for Secondary Batteries This Year"

Visit to LG Energy Solution Ochang Energy Plant 1

Anduk Geun, Minister of Trade, Industry and Energy, announced on the 18th that "the business conditions are expected to improve in the second half of this year due to the easing of battery inventory adjustments."

On the same day, Minister Ahn visited LG Energy Solution's Ochang Energy Plant 1 and said, "If our companies begin sequential mass production of the next-generation cylindrical battery (4680 cylindrical battery), which global electric vehicle manufacturers are paying attention to, as early as August, we expect to achieve a low-high pattern in secondary battery exports this year and establish a solid momentum for export rebound in the future."

Anduk Geun, Minister of Trade, Industry and Energy. (File photo)

This inspection followed the 2024 InterBattery exhibition and the Battery Alliance, marking a visit to the frontline production site, reaffirming the government's commitment to intensively foster secondary batteries as a new growth engine for our exports.

At the meeting held on site, Minister Ahn stated, "Although we have overcome the export slump in January and February this year, maintained positive exports for five consecutive months, sustained a surplus for nine consecutive months, achieved positive semiconductor exports for four consecutive months, and turned the trade balance with China into a surplus, signaling the achievement of the highest export performance ever, the conditions for secondary battery exports this year are challenging due to battery inventory adjustments in the electric vehicle industry and the decline in mineral prices, despite last year's record-high exports of secondary batteries and cathode materials."

He added, "The public and private sectors will jointly focus on fostering game changers such as all-solid-state batteries, and build a robust supply chain by expanding domestic anode material production plants, nurturing South Korea as a key global battery production hub. The government will continue to make every effort to ensure that exports drive economic growth and bring forward a new spring for our economy," he emphasized.

The Ministry of Trade, Industry and Energy plans to steadily carry out unprecedented export support projects, including 360 trillion won in trade finance and about 1 trillion won in export marketing, as announced in the '2024 Pan-Government Export Expansion Strategy' released last month. In addition, through export field support teams and joint public-private export expansion meetings, the ministry will promptly resolve difficulties faced by exporters and continuously prepare support measures that companies can feel.

This content was produced with the assistance of AI translation services.