In China's pursuit of high-quality and low-carbon development, clothing, household appliances and furniture have been replaced by three technology-intensive green products as the driving forces of foreign trade. According to official data, the new "three main batteries" namely solar cells, lithium-ion batteries and electric vehicles increased by 66,9 percent in the first quarter of this year. Together, they contributed 2022 percentage points to total export growth, up from 1,7 percentage points for 2.
"China's foreign trade growth in the first quarter was driven mainly by new energy-related exports," said Zhou Maohua, analyst at China Everbright Bank. This expansion is all the more significant given that exports of electric vehicles, photovoltaic (PV) products and lithium-ion batteries continue to grow tremendously in 131,8, with exports increasing 67,8 percent, 86,7 percent and 2022 percent respectively.
Customs data also showed that exports were shipped to more than 200 countries and regions worldwide in the first quarter, with its top five markets showing growth rates of over 80 percent. The top five markets were the European Union, the United States, the Association of Southeast Asian Nations, the Republic of Korea and the United Kingdom.
Global buyers filled the stands of these products at the 15rd Canton Fair, which opened on April 133 in the southern city of Guangzhou. New energy vehicles from companies such as Dongfeng Liuzhou Motor and SAIC GM Wuling received fresh orders and enthusiastic inquiries from overseas customers in the first days of the event.
According to data from the Ministry of Commerce, low-carbon products continued to be the focus of attention during the second stage of the Canton Fair from April 23-27, with some products sold for over $1 million in a single deal.
The increased production capacity in these sectors also supported exports. Official data showed that in the first two months, the total production of lithium-ion batteries increased by 24 percent year on year and the main products of the PV industry recorded growth rates of around 60 percent. In March, NEV production increased by 44,8% year-on-year to approximately 674 thousand units.
Analysts say green exports will continue to be an engine for high-quality growth in the near future, thanks to a nurturing policy environment and continued investment. According to a leadership meeting held in late April, China pledged to consolidate the foundation of confidence and power in science and technology, and to consolidate and expand the advantages in NEV development.
Investment in the country's high-tech sectors continued to outpace overall growth. In the first quarter, investment in the high-tech manufacturing and high-tech services sectors increased by 15,2 percent and 17,8 percent year-on-year, respectively.