These Countries Buying More Electric Cars Than Gas-Powered Ones

Belgium, Taiwan, Ireland and Latvia are among a handful of nations that now spend more on U.S.-made all-electric and hybrid cars than gasoline-powered ones, according to the latest U.S. Census Bureau data.

The value of US exports of all-electric and hybrid vehicles now accounts for more than 20% of all passenger vehicle exports, with the highest percentage in Europe and the lowest, predictably, in the Middle East.

However, it’s a weak year for total vehicle exports, which are up just 0.54% compared to the same eight months of 2021. US exports are up 20.11% during that time.

That rate for the value of fully electric and hybrid passenger vehicles — it’s hovered around 20% for three years — is almost certainly twice as high as a percentage of all-electric and hybrid vehicles produced and sold in the United States.

Additionally, that rate has doubled in five years, from 9.08 percent in the first eight months of 2017, the first year that Census Bureau data shows data on electric or hybrid passenger vehicles.

This post, focusing on the nation’s No. 5 export by value, all passenger vehicles, is the seventh in a series of columns on the nation’s exports.

Following is a similar series I did for the countries that were the nation’s top 10 trading partners at the time, and one for the airports, seaports, and border crossings that were the top 10 “ports” at the time of the nation.

The first article in this series focuses 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 common trading partners, which includes imports.

The third was for refined petroleum, the leading export; followed by one for butter, which ranks second; natural gas, which includes LNG and is in third place; and the main commercial aircraft category, which ranks fourth.

Articles eight through 12 will look at number 6 computer chips, number 7 plasma and vaccines, number 8 motor vehicle parts, number 9 medicine in pill form and number 10 medical instruments.

Of those nations with the majority of their 2022 spending on all-electric and hybrid vehicles, only Belgium and Taiwan are among the top 10 markets, accounting for more than 91.55% of these exports.

Canada, Germany and South Korea are the largest combined electric vehicle markets by value, with Canada at just over 21%, Germany at just under 40% and South Korea at 36.47%.

Equally notable are those nations with especially low rates that are the 10 largest markets for U.S. passenger vehicles overall—gas and electric. Through August, 10.74 percent of U.S. exports to China were electric or hybrid, the third-largest market after Canada and Germany. For Mexico, the rate is 6.70%; for Japan it was 2.93%; Australia, 1.75%; and Saudi Arabia, 0.77%.

Switching to exports of all passenger vehicles, the total through August this year was $37.16 billion, the highest amount since 2014 when the total was $40.98 billion. While the 2022 total is 9.32% lower than the 2014 total, this is an increase of 0.54% over 2021 as previously mentioned and 37.80% over Covid -19 obstacles 2020

U.S. exports this year have grown 40 times faster than imports of passenger vehicles, much of that fueled by rising prices for the three top U.S. exports, refined petroleum, oil and natural gas.

As of 2014, countries whose purchases of American passenger vehicles exceeded 200% were South Korea (311.19%), Belgium (310.47%), Taiwan (202.82%), and Ukraine (223.78%). ).