India’s solar module and cell imports totaled $986.5 million (~₹82.6 billion) in the third quarter (Q3) of the calendar year (CY) 2024, down 19% year-over-year (YoY), according to data from the Department of Commerce.

About 60% of the quarter’s imports were modules, and the rest were cells.

The total solar imports were up 27% quarter-over-quarter (QoQ), while solar module imports increased 39.6% QoQ. The exemption of the Approved List of Models and Manufacturers (ALMM) order on projects with bid submission deadlines before April 10, 2021, and the rising demand for behind-the-meter solar projects drove solar module imports during the quarter.

Solar cell imports in Q3 were up 12.3%, primarily driven by the increased demand for Indian solar modules since the ALMM order’s reimposition in April 2024.

China continues to dominate the market with 89.5% of the solar module and cell imports, a jump of 68.2% QoQ.

About 5.7% of solar imports were from Vietnam, down 69.5% QoQ.

Thailand, Hong Kong, Cambodia, and Malaysia accounted for 3%, 1.1%, 0.3%, and 0.3% of the quarter’s imports.

In a QoQ comparison, the imports from Thailand and Cambodia fell by 33.6% and 1,042.3%. Imports from Hong Kong and Malaysia rose by 55.5% and 20.2%, respectively.

Exports

During the quarter, India exported solar cells and modules worth $208.6 million (~₹17.5 billion), down 61.6% QoQ. The value of solar exports dropped marginally YoY.

Solar module and cell exports fell 55.2% and 49.9%, respectively QoQ. Solar modules comprised 96.9% of the quarter’s exports, and solar cells made up the rest. Uncertainty surrounding U.S. import restrictions and growing domestic demand significantly slowed solar module exports to the country in Q3.

The U.S. accounted for 92.3% of the quarter’s exports and remained the top destination. However, solar module and cell shipments to the U.S. fell 57.5% QoQ as exports are heavily scrutinized at the U.S. ports.

Bangladesh, Canada, Thailand, and Guyana accounted for 5.8%, 0.9%, 0.2%, and 0.2% of the total exports, respectively. The exports to Bangladesh, Canada, and Guyana rose by 59%, 308.7%, and 57.1%, respectively. Indian manufacturers didn’t export solar modules to Thailand in the previous quarter.

9M 2024

India’s solar module and cell imports were valued at $3.8 billion (~₹314.2 billion) in 9M 2024, up 27.7% YoY. The significant increase in the first nine months of the year was primarily driven by the import of over 11 GW (the highest to date in a quarter) of solar modules in Q1 of CY24 due to the suspension of the ALMM order in the financial year 2023-24. The exemptions from the ALMM order granted to old projects (those with final bid submission before April 2021) and a few others continued to drive imports in Q2 and Q3.

India’s solar exports totaled $1.3 billion (~₹111.5 billion) in 9M 2024, a 9.9% drop YoY.

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