India imported solar cells and modules worth over $774.9 million (~₹64.6 billion) in the second quarter (Q2) of the calendar year 2024, down 16.4% year-over-year (YoY), according to data from the Department of Commerce.

Solar modules accounted for 55% of the quarter’s imports, and solar cells 45%.

In a quarter-over-quarter (QoQ) comparison, solar module and cell imports dropped by 61.4% from over $2 billion (~₹166.9 billion). Solar module imports saw a sharp decline of 73.2%, while solar cell imports fell by 17%. This decrease in imports was largely due to the reimposition of the Approved List of Models and Manufacturers (ALMM) order on April 1, 2024, prompting developers to source ALMM-authorized modules domestically.

In Q2 2024, 67.8% of the solar imports were from China, down from 73% in the previous quarter.

About 23.9% of solar imports were from Vietnam, followed by Thailand, Cambodia, and Singapore, with 5.7%, 1.0%, and 0.8%, respectively.

 

Exports

During the quarter, India exported solar cells and modules worth $463.6 million (~₹38.7 billion). The exports were down 30.5% QoQ from $666.8 million (~₹55.4 billion). The value of solar exports declined marginally from Q2 2023.

Solar module exports fell 31.7% QoQ, whereas solar cell exports rose 89.4%. Solar modules accounted for 97.2% of the quarter’s exports, while solar cells accounted for the remaining 2.8%.

During April-June, the U.S. remained the top destination for solar exports from India, accounting for 97.7%. However, solar module and cell shipments to the U.S. were down 31.5% QoQ.

Bangladesh, Vietnam, Canada, and Guyana accounted for 1.7%, 0.3%, 0.1%, and 0.1% of the total exports, respectively.

1H 2024

India imported solar cells and modules worth $2.8 billion (₹231.6 billion) in 1H of 2024, marking a 60.2% YoY. This sharp rise in imports was driven by developers purchasing large quantities of cheaper solar modules from international markets in Q1 2024, aiming to commission projects before the ALMM order was reimposed.

Solar cell and module exports totaled $1.1 billion (~₹94 billion) in the first half (1H) of 2024, a 19.9% year-over-year (YoY) increase. This marks the first time solar exports have exceeded $1 billion in the first half of a year – a major milestone for the Indian solar industry.

For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – Mercom India Solar Update.

Mercom’s India Solar EXIM Tracker provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.