On May 7, since the beginning of this year, China's energy storage product exports have shown remarkable scale and growth. According to customs data, in Q1, the export value of lithium-ion batteries, one of the most core and critical components of energy storage equipment, increased by more than 50% compared to the same period last year. Among export destinations, the European Union is the largest market, followed by ASEAN as the second largest.
Industry insiders point out that the high growth in energy storage exports in Q1, against the broader trend, is the result of multiple factors, including overseas demand and industrial transformation. The adjustment of China's VAT export rebate policy for battery products is also seen as an important contributing factor.
Furthermore, after years of accumulation, China's energy storage products have achieved low cost and high performance, which serves as a core internal driver enabling domestic companies to seize the current overseas market demand surge. Industry insiders note that with the further mass production and adoption of sodium-ion batteries in the future, the performance and safety of energy storage products will be further enhanced while costs are reduced, which could become another growth catalyst for the development of China's energy storage sector going forward.
Edited by Cassie Li, lixiangying@mysteel.com
