China Sustainability "China Green Export Monthly: April edition" Lam

Research evidence excerpt

China Sustainability "China Green Export Monthly: April edition" Lam

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China Sustainability Equities

Asia PacificChina Green Export Monthly: April edition

Global Sustainability

Jarvis Lam

April update points to resilient exports amid rising policy pushback Analyst

We introduce the April edition of our China Green Export Tracker, a monthly series jarvis.lam@ubs.com

building on our prior report. Leveraging the UBS Evidence Lab China export database , +852-2971 7701

we track high-frequency developments in China’s green exports with a focus on Victoria Kalb

evolving demand trends and policy dynamics. The latest China export May data preview, Analyst

released last week, surprised to the upside, with overall exports beating consensus vicki.kalb@ubs.com

expectations and official releases indicating green exports grew by c.40% YoY in May. +65-6495 4584

While detailed sector breakdowns for May are not yet available, typically released with a Charles Fruitiere

lag of around two weeks, the headline strength reinforces our view of resilient near-term Analyst

momentum. April sector breakdown data continues to point to steady export trends charles.fruitiere@ubs.com

supported by strong electrification demand globally, although the trajectory remains +44-20-7567 4123

increasingly shaped by policy selectivity, particularly in Europe. We expect near-term Alisa Dudchak

green export growth to sustain, while medium-term outcomes will hinge on localisation Analyst

trends and evolving industrial policy in key end markets. alisa.dudchak@ubs.com

+44-20-7567 0844

New Three: Growth moderates, EV resilience offset by solar and battery Leigha Miyata

Across the “New Three” sectors, electric vehicles (EVs), solar, and batteries, April Analyst