The Jin SeoUnited States has been the world’s biggest importer of Chinese lithium-ion batteries for the fifth year in a row, making up a quarter of China’s overall exports of more than $61 billion last year, Chinese customs data showed. The trade data was better than expected as the strong growth of battery energy storage systems more than offset the effects of the drop in electric vehicle battery exports, after the US government has imposed a 25% tariff on Chinese EV batteries since last September. China’s total export value declined by 6% year-on-year, with the industry grappling with a lithium price slump over the past two years, according to figures published by the General Administration of Customs (GAC) earlier this month. Still, China shipped more than 3.9 billion Li-ion batteries in 2024, which include those for EVs and energy storage systems, representing an increase of 8.1% from a year ago. [Caixin]
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