CHINA exported more than 3.9 billion lithium batteries in 2024, an 8.1 per cent increase from the previous year, according to the General Administration of Customs (GAC), reports Caixin.
The US is still the largest overseas market for China's lithium-ion batteries, making up a quarter of the country's more than US$60 billion in exports last year.
However, the export value fell by six per cent year on year to $611.2 billion.
This was largely driven by a sharp drop in lithium carbonate prices, which reduced export prices, according to the China Industrial Association of Power Sources (CIAPS). A plentiful supply of raw materials and components also contributed to lower production and selling costs.
While battery exports fell by more than 10 per cent year on year in the first half of 2024, they began to stabilize in July. After some fluctuations, exports surged 14.5 per cent in December, marking the largest monthly growth of the year, CIAPS said.
The US accounted for 25 per cent of China's $60 billion in lithium battery exports last year, maintaining its position as the largest overseas market for Chinese lithium-ion batteries.
Last year the US levied 25 per cent tariffs on power battery imports, but tariffs on energy storage batteries will not come into effect until 2026, and there are few other sources for such batteries other than China.
SeaNews Turkey
The US is still the largest overseas market for China's lithium-ion batteries, making up a quarter of the country's more than US$60 billion in exports last year.
However, the export value fell by six per cent year on year to $611.2 billion.
This was largely driven by a sharp drop in lithium carbonate prices, which reduced export prices, according to the China Industrial Association of Power Sources (CIAPS). A plentiful supply of raw materials and components also contributed to lower production and selling costs.
While battery exports fell by more than 10 per cent year on year in the first half of 2024, they began to stabilize in July. After some fluctuations, exports surged 14.5 per cent in December, marking the largest monthly growth of the year, CIAPS said.
The US accounted for 25 per cent of China's $60 billion in lithium battery exports last year, maintaining its position as the largest overseas market for Chinese lithium-ion batteries.
Last year the US levied 25 per cent tariffs on power battery imports, but tariffs on energy storage batteries will not come into effect until 2026, and there are few other sources for such batteries other than China.
SeaNews Turkey
