The rapid growth of the global photovoltaic (PV) industry has been a topic of discussion in recent years. In a recent press conference held by the State Council Information Office, Lv Dalang, spokesperson for the General Administration of Customs, shed light on China’s Q1 export statistics in the PV sector. This article explores the key highlights from the conference, focusing on the remarkable growth of China’s PV exports, the major trading partners, and the significance of “the three new items” – electric passenger cars, lithium batteries, and solar cells – in driving the country’s export growth.

Exponential Growth of PV Exports

According to Lv’s remarks, China’s PV exports experienced a substantial surge in Q1. The combined export value of electric passenger cars, lithium batteries, and solar cells, known as “the three new items,” reached a staggering RMB 264.69 billion yuan (approximately USD $41 billion). This impressive figure reflects a remarkable year-on-year increase of 66.9%. Moreover, these exports accounted for 4.7% of China’s total exports, marking a YoY increase of 1.7 percentage points.

Driving Overall Export Growth

Lv highlighted the significant role played by “the three new items” in driving China’s overall export growth. Last year, these items contributed to a 1.7 percentage point increase in overall export growth. In Q1 of this year, their impact grew even further, raising the overall export growth by two percentage points. This underscores the pivotal role of the PV industry in shaping China’s export landscape.

Major Trading Partners and Rapid Growth

China’s PV exports found strong demand across various global markets. In Q1, “the three new items” recorded remarkable export growth to more than 200 countries worldwide. Key markets included EU countries, the United States, South Korea, and ASEAN, with growth rates of 88.7%, 88.1%, 103.5%, 121.7%, and 118.2%, respectively. These top five markets accounted for a significant combined value share of 71.6%.

Diverse Exporting Entities

A notable aspect of China’s PV export growth is the active participation of various types of foreign trade entities. In Q1, “the three new items” demonstrated rapid growth among private enterprises, foreign-invested enterprises, and state-owned enterprises. Private enterprises, in particular, accounted for 65.4% of the total value of PV exports, marking a 4.5 percentage point increase from the previous year. This showcases the resilience and adaptability of different entities in the PV industry.

Electric Passenger Cars Leading the Way

Among “the three new items,” electric passenger cars stood out as the frontrunner. Q1 witnessed a staggering year-on-year growth rate of 122.3% in electric passenger car exports, reaching RMB 64.75 billion yuan (approximately USD $10 billion). This growth was the fastest among the three items and increased their share in China’s automobile exports by 5.1 percentage points, reaching 43.9%. Furthermore, lithium battery exports achieved a growth rate of 94.3%, totaling RMB 1097.9 billion yuan (approximately USD $170 billion), while solar cell exports exceeded RMB 90 billion yuan (approximately USD $14 billion), with a growth rate of 23.6%.

Lv Dalang’s presentation at the press conference highlighted the impressive growth of China’s PV industry, with “the three new items” playing a significant role in driving export figures. This surge in demand for PV products not only demonstrates China’s improved export quality