China Clean Tech Exports Jump Amid Global Energy Disruption

4fv(9womto[7cz5j19u)a8m2_media_dl_1.png General Administration of CustomArticle content(Bloomberg) — China’s exports of clean technology climbed in March, reinforcing signs that manufacturers are benefiting from rising global demand for alternative energy sources as traditional supplies are roiled by the Iran war.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe most notable growth came in shipments of lithium-ion batteries and electric vehicles, with an annual increase of 34% and 53%, according to data released by China’s General Administration of Customs on Saturday. Solar cells also saw 80% growth last month. All three exports rose from February levels as well. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe data give the first comprehensive picture of China’s clean tech exports since the US and Israel launched attacks against Iran seven weeks ago, effectively shutting the Strait of Hormuz and sparking a global energy crisis. The disruptions caused by the conflict have heightened the issue of energy security for countries reliant on fuel imports and sent consumers and industries hunting for alternatives.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“This is just the beginning, the knock-on effects of high energy prices will be unfolding for months to come,” said Euan Graham, senior analyst at UK-based think tank Ember. “Clean technologies are an escape from soaring fuel costs for consumers and a long term route for countries to reduce fossil fuel reliance. China is well positioned to meet this growing demand.” Article contentEven after Iran said late Friday Asia time it had reopened the Strait of Hormuz, it could still take months for shipping to resume normal levels, assuming a peace deal is reached. Article contentChina, which already dominates global supply chains for solar and wind power, batteries, and EVs, now faces another opportunity to further its reach. Years of capacity-building, often at the expense of profitability, have enabled Chinese manufacturers to scale up distribution in overseas markets quickly and competitively, making green products a new growth driver for the country’s exports. Article contentArticle contentIn particular, shipments of EVs and hybrids jumped to a record 349,000 units in March, according to the China Passenger Car Association. Dealerships across Asian capitals have reported an influx of customers pivoting to EVs as they try to avoid fuel prices that have soared since the start of the war.Article content“Chinese automakers can quickly increase their global reach during the Strait of Hormuz crisis,” secretary general of the China Passenger Car Association, Cui Dongshu, said during a briefing last week.Article contentContemporary Amperex Technology Co., the world’s largest maker of EV batteries, said in an earnings call on Wednesday that in the short term the increased uncertainty over crude oil supplies and prices will drive customers to increase their use of electrified products. Article contentDomestic policy changes also influenced clean tech exports in the first quarter. Solar and batteries, for instance, saw export tax rebates either removed or lowered starting in April, which analysts said could lead companies to rush product out the door before the subsidies disappeared.Article contentTrending Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking IMF sees Canada's fiscal position as strongest in G7 Economy 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Congo to Top Ethiopia to Become Sub-Saharan Africa's Fifth-Largest Economy PMN Business Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada's Macklem says he has spoken to Fed chair about risks from Anthropic's Mythos AI model Banking IMF sees Canada's fiscal position as strongest in G7 Economy 'The impacts are massive': U.S. tariff change pushes Canadian manufacturers to the brink Economy Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Congo to Top Ethiopia to Become Sub-Saharan Africa's Fifth-Largest Economy PMN Business