According to the latest data from the US Census Bureau, Belgium, Taiwan, Ireland and Latvia are among a handful of countries that now spend more on US-made all-electric and hybrid cars than on petrol-powered cars.
The value of all-electric and hybrid vehicle exports from the US now exceeds 20% of all passenger car exports, with the highest percentages in Europe and the lowest, unsurprisingly, in the Middle East.
However, it has been a mediocre year for total auto exports, which are up just 0.54% compared to the same eight months of 2021. U.S. exports are up 20.11% in that time.
That percentage for the value of all-electric and hybrid passenger cars – it has hovered around 20% for three years – is almost certainly twice as high as the percentage of all-electric and hybrid vehicles manufactured and sold in the United States.
Furthermore, that percentage has doubled in five years, from 9.08% in the first eight months of 2017, the first year Census Bureau data showed data on electric or hybrid passenger cars.
This post, focusing on the nation’s No. 5 export by value, all passenger cars, is the seventh in a series of columns on the country’s exports.
It follows similar series I did for the countries that were the country’s top 10 trading partners at the time and one for the airports, seaports and border crossings that were the country’s top 10 “ports” at the time.
The first article in this series focused on an overview of the top 10 exports. The second looked at the top 10 countries that are markets for US exports and how they differ from our general trading partners, including imports.
The third was about refined petroleum, the main export; followed by one about oil, which comes in second; natural gas, including LNG and third; and the primary commercial jets category, which ranks fourth.
The eighth through twelfth articles will look at No. 6 computer chips, No. 7 plasma and vaccines, No. 8 motor vehicle parts, No. 9 pill drugs, and No. 10 medical devices.
Of the countries with a majority of their spending on all-electric and hybrid vehicles in 2022, only Belgium and Taiwan are among the top 10 markets, accounting for more than 91.55% of those exports.
Canada, Germany and South Korea are the largest electric vehicle markets by value, with Canada at just over 21%, Germany at just under 40% and South Korea at 36.47%.
Just as notable are those countries with particularly low percentages that make up the top 10 overall markets for general U.S. passenger cars — gas and electric. Through August, 10.74% of US exports to China were electric or hybrid, the third largest market after Canada and Germany. For Mexico the percentage was 6.70%; for Japan it was 2.93%; Australia, 1.75%; and Saudi Arabia, 0.77%.
Switching to all passenger car exports, the total through August this year was $37.16 billion, the highest total since 2014, when the total was 40.98 billion. While the 2022 total is 9.32 percent lower than the 2014 total, it is an increase of 0.54% from 2021, as previously mentioned, and 37.80% from the 2020 Covid-19 hampered. .
US exports have grown 40 times faster than passenger car imports this year, driven largely by the price increases of the top three US exports, refined petroleum, oil and natural gas.
Since 2014, South Korea (311.19%), Belgium (310.47%), Taiwan (202.82%) and Ukraine (223.78%).