KOTRA Supports 'Solo Boom' Secondary Battery Exports... Participates in InterBattery

Overseas Company Invitation Consultation as a Side Event... Participation from France, Australia, and More

Despite South Korea's exports falling into a deficit trap, secondary batteries set a record high last month. KOTRA announced that it will hold a side event at Korea's largest secondary battery exhibition, 'InterBattery,' to attract investment from overseas companies.

KOTRA stated on the 14th that it will host the 'Secondary Battery Global Business Partnership' side event at InterBattery 2023, held for three days from the 15th at COEX in Samseong-dong, Gangnam-gu, Seoul. The program includes one-on-one export consultations, seminars on overseas battery market trends, and meetings to discover potential suppliers.

While South Korea's exports fell into a deficit of $5.3 billion (approximately 6.9035 trillion KRW) last month, secondary batteries demonstrated resilience by recording a surplus of $870 million (approximately 1.133 trillion KRW). This is the highest export record for February. Last year's export performance was $9.99 billion (approximately 12.7072 trillion KRW), a 15.2% increase from $8.7 billion (approximately 11.0664 trillion KRW) in 2021, also a record high.

The scene at 'InterBattery 2022' held at COEX, Samseong-dong, Gangnam-gu, Seoul on March 17 last year. Photo by Hyunmin Kim kimhyun81@

At the one-on-one export consultation, 62 buyers from 23 countries in the fields of battery cells, parts, inspection equipment, and energy storage systems (ESS) will be matched with domestic companies. The consultations will be conducted by overseas buyers visiting the exhibition booths of participating domestic companies.

KOTRA reported that buyers show high interest in batteries for electric two- and three-wheel vehicles and medium-to-large batteries for ESS. Leading Indian two-wheeler manufacturer Hero MotoCorp and Italian generator manufacturing and operation company Pramac are scheduled to hold consultations related to secondary batteries for two-wheelers and ESS. Consultation meetings will also be held between overseas companies specializing in battery material technology and parts and domestic small and medium-sized enterprises.

The overseas market trends seminar will invite local experts from each country to explain regional business cooperation opportunities. It will introduce changes in the battery supply chain ecosystems in the United States, Europe, and Australia and discuss response strategies. Presentations on the rapidly growing ESS industry status and prospects will be given for Vietnam and India. Announcements of collaboration demands between major overseas companies and domestic firms will follow.

Opportunities will also be provided for meetings between domestic battery companies and overseas secondary battery raw material suppliers. KOTRA plans to discover potential suppliers in countries such as Australia and Chile to support Korean companies in diversifying their supply chains.

Yoo Jung-yeol, President of KOTRA, said, "We will establish a multifaceted support system to ensure that the battery industry, a key national export item, continues its export growth. Starting with the InterBattery-linked consultation, we will actively support timely responses to global demand to secure market leadership."