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INVENTORIES (Tables)
 9 Months Ended
Sep. 30, 2024
INVENTORIES [Abstract]  
Inventories
Inventories are summarized as follows:

   
September 30,
2024
(Unaudited)
    
December 31,
2023
  
Raw material
  
$
11,919,839
    
$
11,568,791
  
Work-in-progress
    
1,957,184
      
1,494,441
  
Goods in transit
    
3,945,197
      
3,774,310
  
Finished goods
    
26,164,108
      
30,576,355
  
Inventories, gross
    
43,986,328
      
47,413,897
  
Less: Inventory valuation allowance
    (8,103,892 )     (3,504,333 )
Inventories, net
  $ 35,882,436     $ 43,909,564  
Inventory Valuation Allowance
The changes in inventory valuation allowance are as follows:

   
For the Nine Months Ended
September 30,
  
   
2024
    
2023
  
    (Unaudited)     (Unaudited)  
Balance at the beginning of the period
  
$
3,504,333
    
$
3,218,765
  
Addition during the period
    5,684,056       -  
Write-off (1)
    
(1,081,060
)
    
(6,021
)
Foreign exchange    
(3,437
)
    
(97,942
)
Balance at the end of the period
 
$
8,103,892
    
$
3,114,802
  

(1) As Cenntro Machinery was in the process of being deregistered as of September 30, 2024, inventories was disposed with the corresponding inventory valuation allowance written-off.