U.S. Storage Battery Imports
In June 2023, imports of storage batteries into the United States expanded rapidly to 113M units, with an increase of 6.2% compared with May 2023 figures. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in November 2022 when imports increased by 18% m-o-m. As a result, imports reached the peak of 116M units. From December 2022 to June 2023, the growth of imports remained at a somewhat lower figure.
In value terms, storage battery imports declined to $2.2B (IndexBox estimates) in June 2023. The total import value increased at an average monthly rate of +1.2% over the period from June 2022 to June 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain months. The most prominent rate of growth was recorded in January 2023 when imports increased by 28% against the previous month. As a result, imports attained the peak of $2.9B. From February 2023 to June 2023, the growth of imports remained at a somewhat lower figure.
Imports by Country
Japan (35M units), South Korea (33M units) and China (30M units) were the main suppliers of storage battery imports to the United States, together comprising 87% of total imports.
From June 2022 to June 2023, the biggest increases were in Japan (with a CAGR of +5.4%), while purchases for the other leaders experienced mixed trend patterns.
In value terms, China ($970M) constituted the largest supplier of storage battery to the United States, comprising 44% of total imports. The second position in the ranking was held by South Korea ($409M), with a 19% share of total imports. It was followed by Japan, with a 15% share.
From June 2022 to June 2023, the average monthly rate of growth in terms of value from China stood at +1.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: South Korea (+1.9% per month) and Japan (+3.8% per month).
Import Prices by Country
In June 2023, the storage battery price amounted to $19.5 per unit (CIF, US), which is down by -17.7% against the previous month. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in January 2023 when the average import price increased by 28% against the previous month. As a result, import price attained the peak level of $26,387 per thousand units. From February 2023 to June 2023, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Mexico ($36.8 per unit), while the price for Japan ($9.4 per unit) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.