From January to March 2024, China’s cumulative export quantity of lithium-ion batteries was 883 million units, compared to 834 million units during the same period in 2023, representing a year-on-year increase of 5.9%.
The cumulative export value of lithium-ion batteries from January to March 2024 was $13.197 billion, compared to $15.977 billion during the same period in 2023, indicating a year-on-year decrease of 17.4%.
In March 2024, the export quantity of lithium-ion batteries was 288 million units, down 2.7% year-on-year but up 19.5% month-on-month. In February, the export quantity was 241 million units, up 1.3% year-on-year but down 31.9% month-on-month.
In January, the export quantity was 354 million units, up 17.6% year-on-year and up 18% month-on-month. In March 2024, the export value of lithium-ion batteries was $4.472 billion, down 21.9% year-on-year but up 20.6% month-on-month.
In February, the export value was $3.708 billion, down 19.5% year-on-year and down 26.1% month-on-month. In January 2024, the export value was $5.016 billion, down 11.1% year-on-year and down 5% month-on-month.
The consecutive decrease in export value over the first three months of this year is mainly attributed to a significant drop in export prices of lithium-ion batteries compared to the same period last year.
Additionally, the impact of the American IRA Act on our exports of lithium-ion batteries is also becoming apparent, with a 55.6% decrease in the quantity exported to the United States from January to March. The impact of the IRA on China’s exports of lithium-ion battery products deserves high attention.
Who is the biggest buyer for China lithium battery?
From January to March 2024, the United States remained the largest market for China’s lithium-ion battery exports, with an export value of $2.908 billion, down 11.2% year-on-year, accounting for 22% of China’s total lithium-ion battery exports.
The second-largest market was Germany, with an export value of $2.643 billion, down 7.5% year-on-year, accounting for 20% of China’s total lithium-ion battery exports. South Korea was the third-largest market, with an export value of $932 million, a significant decrease of 55.7% compared to the same period last year, accounting for 7.1% of China’s total lithium-ion battery exports.
From January to March 2024, Fujian Province was the largest source of China’s lithium-ion battery exports, with an export value of $3.53 billion, down 17% year-on-year, accounting for 26.7% of China’s total lithium-ion battery exports. Guangdong Province ranked second, with an export value of $2.824 billion, down 24.4% year-on-year, accounting for 21.4% of China’s total lithium-ion battery exports.
Jiangsu Province ranked third, with an export value of $2.26 billion, down 34.3% year-on-year, accounting for 17.1% of China’s total lithium-ion battery exports. The export values of lithium-ion batteries from Fujian, Guangdong, and Jiangsu provinces accounted for 65.2% of the total national exports.
From January to March 2024, China’s export value of lithium-ion batteries to Europe was $5.428 billion, accounting for 41.1% of China’s total lithium-ion battery exports, down 21.3% year-on-year.
The export value to Asia was $3.833 billion, accounting for 29% of China’s total lithium-ion battery exports, down 20.9% year-on-year. The export value to North America was $3.078 billion, accounting for 23.3% of China’s total lithium-ion battery exports, down 7.2% year-on-year.