(LEAD) S. Korea holds largest share of U.S. battery material import market in 2023

SEOUL, Dec. 22 (Yonhap) -- South Korea held the largest share of the U.S. import market for battery materials last year, a trade association said Sunday, outranking rivals China and Japan.

The United States imported US$9.7 billion worth of key battery materials -- anode and cathode materials and separators -- from South Korea in 2023, up 93.1 percent from $5.02 billion in 2020, according to the Korea International Trade Association (KITA), which analyzed U.N. trade data.

Last year, South Korea held a 33.7 percent share of the U.S. battery material import market, followed by Japan at 26.4 percent and China at 8.4 percent. In comparison, South Korea held an 8.5 percent share in 2020, far behind China's 28.9 percent and Japan's 17.2 percent.

South Korea's rise in the U.S. battery materials import market comes amid changes to the global supply chain, sparked by growing trade disputes between the United States and China.

Major South Korean battery makers -- LG Energy Solution Ltd., SK On Co. and Samsung SDI Co. -- have recently built large-scale battery plants in the United States, leading to increased U.S. imports of battery materials from South Korea.

The sharp growth in the South Korean firms' U.S. market share, however, is sparking concerns as the incoming U.S. administration of Donald Trump is reportedly considering imposing tariffs on battery materials.

In an internal document, Trump's transition team recommended changes to restrict support for electric vehicles and impose tariffs on all battery materials globally, Reuters earlier reported.

South Korean companies have pushed to operate battery plants in the United States under the current Joe Biden administration's initiative to induce investment in electric vehicles in the country.

yunhwanchae@yna.co.kr
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