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China at 1st and Taiwan at 5th Place in Initial CBAM's Most Carbon-Intensive Exports Report
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2024-03-20
The EU's CBAM started a pilot basis from October 2023. The deadline for the first carbon data submission was postponed 30 days until the end of February 2024 due to technical issues. According to statistics obtained by the "Financial Times" through the European Commission, China is the top exporter of carbon-intensive products, with more than 25,000 entries. The U.S. ranked second with about 10,000 entries, the U.K. ranked third with about 7,000 to 8,000 entries, and Turkey ranked fourth with about 6,000 to 7,000 entries. Taiwan ranked fifth and India ranked sixth, both ranging between 5,000 and 6,000 entries.
S. Korea in 7th place, Japan in 8th place, Venezuela in 9th place and Ukraine in 10th place are all far below 5,000 entries. The rest of the countries have a combined total of around 10,000 entries.
From the above data, it is clear that China's carbon-intensive export entries are more than double those of the U.S. and the UK, and are nearly five times those of Taiwan and India. This is partially reflected in the fact that the value of China's exports to the EU is the highest. Taiwan, which ranks eighth in the world in terms of export value, also has a high value of exports to the EU. In addition, fasteners are the top downstream steel product category exported from Taiwan, and are mostly produced by several SMEs in Taiwan. In addition, Taiwanese government has attached great importance to the CBAM issue in recent years and has organized many seminars. Fastener World Magazine has also long called for fulfilling the duty of carbon emission reporting. These factors pushed up Taiwanese companies' entries. In fact, around 5,000 out of the 13,000 reports submitted by local EU importers came from Taiwan.
However, it is worrisome that the completion rate of the first submission is less than 10%, as many EU local importers are unfamiliar with their reporting obligations. If they do not complete the submission by mid-July 2024, they will face fines up to €50 per ton of carbon emission. The European Commission has said it will simplify the system to make it easier for them to operate. However, it is still necessary for manufacturers who are most familiar with their own carbon emissions to work with EU importers to complete the submission smoothly.
S. Korea in 7th place, Japan in 8th place, Venezuela in 9th place and Ukraine in 10th place are all far below 5,000 entries. The rest of the countries have a combined total of around 10,000 entries.
From the above data, it is clear that China's carbon-intensive export entries are more than double those of the U.S. and the UK, and are nearly five times those of Taiwan and India. This is partially reflected in the fact that the value of China's exports to the EU is the highest. Taiwan, which ranks eighth in the world in terms of export value, also has a high value of exports to the EU. In addition, fasteners are the top downstream steel product category exported from Taiwan, and are mostly produced by several SMEs in Taiwan. In addition, Taiwanese government has attached great importance to the CBAM issue in recent years and has organized many seminars. Fastener World Magazine has also long called for fulfilling the duty of carbon emission reporting. These factors pushed up Taiwanese companies' entries. In fact, around 5,000 out of the 13,000 reports submitted by local EU importers came from Taiwan.
However, it is worrisome that the completion rate of the first submission is less than 10%, as many EU local importers are unfamiliar with their reporting obligations. If they do not complete the submission by mid-July 2024, they will face fines up to €50 per ton of carbon emission. The European Commission has said it will simplify the system to make it easier for them to operate. However, it is still necessary for manufacturers who are most familiar with their own carbon emissions to work with EU importers to complete the submission smoothly.
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