China Transformer Exports Hit Record Value on Global Shortage

China reaped record gains from rising exports of power transformers last year, as the rapid buildout of data centers and accelerating electrification squeeze supplies and raise prices worldwide.

The country shipped a record 64.6 billion yuan ($9.3 billion) worth of transformers last year, nearly 36% higher than a year earlier, according to customs data released on Sunday. The equipment converts power from high to low voltage for use in households or factories.