BUSINESS

U.S. Tops China’s Lithium Battery Exports, With Surge in Power Storage

Published: Jan. 24, 2025 11:34 p.m. GMT+8

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Batteries for Volkswagen AG electric vehicles on display at an exhibition area at a Gotion High-tech Co. production facility in Hefei, China, March 29, 2024. Photo: Bloomberg

The United States is still the largest overseas market for China’s lithium-ion batteries, making up a quarter of the country’s more than $60 billion in exports last year, according to customs data.

China exported more than 3.9 billion lithium-ion batteries in 2024, an 8.1% increase from the previous year, the General Administration of Customs (GAC) reported. However, the export value fell by 6% year-on-year to $611.2 billion.

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The U.S. remains the largest market for China's lithium-ion batteries, making up 25% of its over $60 billion exports in 2023, despite challenges like tariffs and reduced export volume.
China's lithium battery exports reached 197.1 GWh in 2024, with energy storage batteries showing significant growth, soaring 151.6% to 63.4 GWh.
Exports to regions like the U.K. and Australia increased, while exports to South Korea and Japan declined, partly due to U.S. policy changes affecting EV battery subsidies.

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What Happened When

Before 2024：: The U.S. remained China's largest export destination for lithium batteries since 2020

First half of 2024：: Battery exports fell by more than 10% year-on-year

July 2024：: Battery exports began to stabilize

September 27, 2024：: The U.S. imposed a 25% tariff on Chinese power batteries. Tariffs on energy storage batteries will take effect in 2026

December 2024：: Exports surged 14.5% year-on-year, marking the largest monthly growth of the year

2024：: China exported more than 3.9 billion lithium-ion batteries; total battery exports reached 197.1 GWh; exports to the U.K. and Australia grew by 2.6% and 101.2% year-on-year, respectively; lithium battery exports to South Korea fell by 51.7% and to Japan by 4.1%