Chart of the Day: China’s Green Exports Diverge as Overcapacity Concerns Loom Large

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China’s July customs data showed that exports of electric vehicles (EVs) continued to grow, while the export values and volumes of lithium-ion batteries and solar cells diverged.

The mixed data come as Chinese EV-makers as well as lithium-ion battery and solar manufacturers continue to ramp up shipments to cushion the impact of growing trade tensions and plummeting prices at home due to overcapacity and slowing demand.

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In July, China’s EV exports grew 38.7% in volume and 19.8% in value year-on-year.
Lithium-ion battery shipments fell 0.2% in volume but rose 7% in value; solar cell shipments increased 28.5% in volume but dropped 18.3% in value.
Plug-in hybrid vehicle exports surged 159% in volume, potentially easing pressure on battery EV exports amid rising trade barriers.

AI generated, for reference only

What Happened When

January-July 2023：: Overall export volume of EVs, lithium-ion batteries, and solar cells rose, but only EVs managed cumulative growth in export value.

July 2023：: China's customs data showed that exports of electric vehicles (EVs) continued to grow, and the export values and volumes of lithium-ion batteries and solar cells diverged.

July 2023：: EV exports rose 38.7% year-on-year in volume and 19.8% in value in dollar terms.

July 2023：: China exported 327.7 million lithium-ion batteries, down 0.2% year-on-year, valued at $5.4 billion, up 7%.

July 2023：: Shipments of solar cells surged 28.5% to 707.8 million units, while their value fell 18.3% to $2.6 billion.

July 2023：: Purely electric passenger vehicles accounted for more than 70% of the EV exports, but their growth lagged behind that of hybrids.

July 5, 2023：: The EU imposed extra provisional tariffs of up to 37.6% on China-made battery EVs based on findings from an anti-subsidy probe launched in October 2022.