Indian solar module and cell exports decreased 16% year-over-year (YoY) to $1.5 billion (~₹129.4 billion) in 2024 from $1.8 billion (~₹152 billion), according to recent data published by the Department of Commerce.

Indian solar exports in 2024 were dominated by photovoltaic modules, comprising 97.7% of total shipments, while solar cells made up the remaining 2.3%.

The U.S. emerged as the primary destination for the export of Indian solar cells and modules, accounting for 97.5% of the exports in 2024.

Indian module exports declined in 2024 due to heightened shipment scrutiny, including port inspections and barcode verification of individual modules, and concerns over potential Chinese component inclusion.

Solar Imports in 2024

India imported $4.5 billion (~₹375.28 billion) worth of solar cells and modules in 2024, down 10.2% from $5 billion (~₹415.45 billion) in 2023.

Solar modules accounted for of the annual solar imports, while solar cells accounted for the remaining 34.9 %.

The reimposition of the Approved List of Models and Manufacturers order significantly reduced India’s solar module imports in 2024. Government programs like PM Surya Ghar: Muft Bijli Yojana and Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, which mandate modules compliant with domestic content requirements, further impacted the decline in solar module imports in 2024.

China remained the dominant supplier of solar products to India, accounting for 86.5% of total imports. Vietnam was the second-largest supplier, with 7.9% of imports, followed by Thailand at 3.2%. Other suppliers include Indonesia, Singapore, and the U.S., holding shares of 1%, 0.7%, and 0.3 %, respectively.

Solar Exports in Q4 2024

India’s solar exports in the fourth quarter (Q4) 2024 reached $212.2 million (~₹17.9 billion), a modest increase of 1.8% from $208.55 million (~₹17.4 billion) in Q3 2024. However, when compared to YoY, exports witnessed a significant decline of 39.3% from $349.44 million (~₹29 billion) in Q4 2023.

The U.S. remained India’s primary solar export market, representing 97.5% of total export value, up from 92.3% in Q3 2024.

Solar Imports in Q4 2024

In the fourth quarter of 2024, solar cell and module imports totaled over $723.4 million (~₹61.1 billion), representing a 26.7% QoQ decrease from $986.5 million (~₹82.6 billion). Imports declined by 64.8% YoY from $2 billion (~₹170.9 billion).

Solar cells accounted for 56.4% of the quarter’s imports compared to 39.7% in Q3 2024, whereas solar modules’ import share decreased to 43.6% from 60.3% in the previous quarter.

China constituted 86.5% of India’s solar imports in Q4 2024, down from 89.5% in Q3. The total value of these imports from China reached $625.9 million (~₹52.9 billion), representing a 29.1% QoQ decline.

Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom’s India Solar Export-Import Tracker.