[SMM Analysis] China lead-acid battery imports and exports increased year-on-year from January to February

According to customs data, the import volume of lead-acid batteries from January to February 2024 was 827,100 units, a year-on-year increase of 50.59%; the export volume of lead-acid batteries from January to February 2024 was 38.8001 million units, a year-on-year increase of 27.14%.

According to research, due to the Chinese New Year holiday, domestic and foreign markets generally prepared stocks before the holiday. In January, the import and export volume of lead-acid batteries increased month-on-month and year-on-year. With the arrival of the Chinese New Year holiday in February, domestic lead-acid battery companies and terminal industry markets entered a holiday state. At the same time, transportation was suspended during the Chinese New Year, and market transactions were stagnant. The import and export volume of lead-acid batteries in that month declined month-on-month.

With regard to the cumulative export volume of lead-acid batteries from January to February 2024, except for exports to India, the largest export destination, which fell by 25.05% year-on-year, the export volumes to the other top ten exporting countries rose on the year. The export volume to Indonesia increased by 124.17% year-on-year; the export volume to the United States increased by 152.67% year-on-year; and the export volume to Vietnam increased by 142.27% year-on-year. From January to February 2023, China’s export volume of lead-acid batteries to Russia was zero, and from January to February 2024, the cumulative volume was 1.4229 million.

In March, after the Chinese New Year holiday, overseas customers carried out post-holiday replenishment as usual. At the same time, the domestic market recovered, and imports of automobile and energy storage batteries resumed. The import and export volume of lead-acid batteries will grow.