China’s foreign trade continues to consolidate the good momentum. China’s imports and exports of goods increased 6.3% year on year to 17.5 trillion yuan in the first five months of 2024, according to data released by the General Administration of Customs on June 7. Among them, the import and export volume in May was 3.71 trillion yuan, an increase of 8.6% year-on-year, and the growth rate was 0.6 percentage points higher than that in April.
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Huajing Industry Research Institute data show: from January to March 2024, the number of China’s transformer exports was 663.67 million, an increase of 10.17 million compared with the same period last year, an increase of 2.1%; Exports amounted to US $1312.945 million, an increase of US $265.048 million, an increase of 25.9% over the same period last year. In March 2024, China’s transformer exports amounted to 238.85 million; Exports amounted to $483,663 million.
Components + batteries: The overall export scale increased from the previous quarter, and the European market was repaired significantly
Total volume level: In March 2024, China’s component + battery exports amounted to 3.2 billion US dollars, -40% year-on-year, +15% month-on-month;
Structural level: In March 2024, China’s component + battery exports to Europe amounted to 1.25 billion US dollars, -55% year-on-year and +26% month-on-month; China’s module + battery exports to Asia scale of 1.46 billion US dollars, +0.4% year-on-year, +5% quarter-on-quarter.
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Inverter: The overall export scale increased in March. From the perspective of sub-markets, the sequential repair of Asian and European markets is more obvious; From the point of view of provinces, Jiangsu and Anhui province export growth rate is higher
Total level: In March 2024, China’s inverter export scale of 600 million US dollars, -48% year-on-year, +34% month-on-month.
Structural level: (1) By export region, in March 2024, China’s inverter exports to Europe scale of 240 million US dollars, year-on-year -68%, +38%; China’s inverter exports to Asia scale of 210 million US dollars, +21% year-on-year, +54% sequential; China’s inverter exports to Africa scale of US $0.3 million, -63% year-on-year, -3% quarter-on-quarter. (2) In terms of provinces, in March 2024, Guangdong Province, Zhejiang Province, Anhui province and Jiangsu Province all achieved quarter-on-quarter growth in inverter exports. Among them, Jiangsu and Anhui had a higher quarter-on-quarter increase, 51% and 38%, respectively.
Transformers: From January to March, the export volume of large and medium-sized transformers grew at a higher rate than the same period last year, among which, the export volume to Europe and Oceania nearly doubled, and the export volume to Asia, North America and South America also grew at a higher rate.
From January to March 2024, the total export value of transformers was 8.9 billion yuan, +31.6% year-on-year; March exports of 3.3 billion yuan, +28.9% year-on-year, +38.0% month-on-month. From January to March, the export amount of large, medium and small transformers was 30, 3.3 and 2.7 billion yuan, with a year-on-year growth rate of +56.1%, +68.4% and -8.8%, respectively.
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From January to March 2024, the export value of large and medium-sized transformers (power grid level) totaled 6.2 billion yuan, +62.3% year-on-year; Exports in March were 2.3 billion yuan, +64.7% year-on-year and +36.4% month-on-month. Among them, the amount of exports to Asia, Africa, Europe, North America, South America and Oceania in January-March was 23.5, 8.5, 15.9, 5.6, 680, 210 million yuan, with year-on-year growth rates of 52.8%, 24.6%, 116.0%, 48.5%, 68.0%, 96.6%.
Post time: Jun-21-2024