India’s solar imports declined significantly in the second quarter (Q2) of the calendar year (CY) 2019. Solar modules and cells worth $399 million (~₹27.75 billion) were imported by India in Q2 2019, a decline of 39% compared with ~$650 million of solar cells and modules that were imported in Q1 2019.
In Q2, India exported solar cells and modules worth $34.8 million (~₹24.24 billion), a 4% increase compared to the previous quarter. In Q1 2019, India had exported solar cells and modules worth $33.3 million (~₹23.4 billion).
However, year-over-year, solar imports declined by 8.6% compared to $437 million (~₹29.2 billion) worth of cells and modules imported in Q2 of 2018, while exports increased by 98%.
China continued to be the largest exporter of solar modules and cells to India, accounting for 71.5% of the import share in Q2 2019. However, with the imposition of 25% safeguard duty by the Indian government on solar imports from China and Malaysia and slowdown in installations, solar imports from China have declined in the past three quarters. India imported solar modules and cells worth $285.4 million (~₹20.4 billion) from China. This was down by 45% compared to $523 million (~₹37 billion) of solar imports to India in Q1 2019.
Vietnam once again was the second-largest exporter of solar cells and modules to India, accounting for an 11% share followed by Thailand with 10.4% and Singapore with 2.8%.
Taiwan and Hong Kong had a market share of 1.5% and 1.4%, respectively. The solar imports from Taiwan were three times more than the previous quarter, while Hong Kong’s share declined by 27%.
India’s solar exports to the United States picked up in Q2 2019 and accounted for 68.1% of all solar modules and cells exported to the U.S. This was up from 15.4% compared to the previous quarter.
Belgium emerged as the second most favored destination for Indian modules and cells in Q2 2019 and accounted for 12.5% of the export share with $4.37 million (~₹312.8 million) worth of solar cells and modules. South Africa, Somalia, and the UAE were the other major recipients of Indian solar modules and cells.
For a more in-depth look at the Exim data and charts subscribe to our quarterly market report – Mercom India Solar Update. Detailed solar import data by component types are available in Mercom’s India Solar EXIM Tracker.