In calendar year (CY) 2018, the Indian solar sector imported solar modules and cells totaling nearly $2.59 billion (~₹184.57 billion), a 37 percent decline from the $4.12 billion (~₹269 billion) recorded during the preceding year. In 2018, Indian solar exports also decreased with $106.89 million (~₹ 7.61 billion) in exports, a decline of 19 percent from 2017 when the figure stood at $132.29 million (~₹8.6 billion), according to the latest trade data.

“The slowdown in demand and the 25 percent safeguard duty have contributed to a reduction of solar cell and module imports in 2018. It is unclear how long this trend will last,” said Raj Prabhu CEO of Mercom Capital Group.

In CY 2017, the Indian solar sector imported solar modules and cells totaling nearly $4.12 billion (~₹269 billion), a 43 percent increase from the $2.88 billion (~₹194 billion) recorded during the previous year. In 2017, Indian solar exports also grew in 2017 as cells and modules worth $132.29 million (~₹8.6 billion) were exported, registering growth of 16 percent from 2016 when exports amounted to $114.3 million (~₹7.7 billion).

Solar Imports in Q4 2018

Indian solar imports declined in the fourth quarter of CY 2018. According to the latest data, solar modules and cells worth $472 million (~₹33.88 billion) were imported by India in Q4 2018. This is 22 percent less compared to $602 million (~₹42.13 billion) of solar cells and modules imported by India in Q3 2018. However, in a year-over-year (YoY) comparison, import activity was down 41 percent compared to Q4 2017.

Solar Exports in Q4 2018

In Q4 CY 2018, India exported solar cells and modules worth $14.11 million (~₹1.02 billion), a decline of 75 percent when compared to Q3 2018. In Q3 2018, India exported solar cells and modules worth $56.23 million (~₹4.01 billion).

Detailed analysis of export import data by country is available in our 2018 Q4 & Annual India Solar Quarterly Market Update.