India's Solar Module And Cell Imports Drop 19 pc YoY In Q3 2024

New Delhi, Dec 11 (KNN) India’s solar module and cell imports for the third quarter (Q3) of the calendar year (CY) 2024 totalled USD 986.5 million, reflecting a 19 per cent year-over-year (YoY) decrease, according to data from the Department of Commerce.

The majority of the imports, approximately 60 per cent, consisted of solar modules, with the remainder attributed to solar cells.

On a quarter-over-quarter (QoQ) basis, however, solar imports rose by 27 per cent, with solar module imports increasing by 39.6 per cent.

The surge in module imports during Q3 was driven by the exemption of the Approved List of Models and Manufacturers (ALMM) order for projects with bid submission deadlines before April 10, 2021, along with growing demand for behind-the-meter solar projects.

Solar cell imports also saw a rise, up 12.3 per cent QoQ, primarily due to the increased demand for Indian solar modules after the reimposition of the ALMM order in April 2024.

Despite this growth, China continued to dominate the market, accounting for 89.5 per cent of solar module and cell imports, a significant 68.2 per cent increase QoQ. In contrast, imports from Vietnam fell by 69.5 per cent QoQ, comprising only 5.7 per cent of total imports.

Thailand, Hong Kong, Cambodia, and Malaysia collectively accounted for 4.7 per cent of the imports, with imports from Thailand and Cambodia witnessing substantial declines of 33.6 per cent and 1,042.3 per cent, respectively.

However, imports from Hong Kong and Malaysia increased by 55.5 per cent and 20.2 per cent, respectively.

India’s solar exports for Q3 2024, on the other hand, were valued at USD 208.6 million, representing a sharp 61.6 per cent decrease QoQ.

This decline was partly attributed to uncertainty surrounding U.S. import restrictions and growing domestic demand, which significantly impacted solar module exports.

Exports to the U.S. fell by 57.5 per cent QoQ, despite the U.S. continuing to be the largest destination for Indian solar exports, accounting for 92.3 per cent of the quarter’s total exports.

Other export destinations included Bangladesh, Canada, Thailand, and Guyana, with exports to Bangladesh, Canada, and Guyana rising by 59 per cent, 308.7 per cent, and 57.1 per cent, respectively. Notably, Indian manufacturers did not export solar modules to Thailand in the previous quarter.

For the first nine months of 2024 (9M 2024), India’s solar module and cell imports amounted to USD 3.8 billion, marking a 27.7 per cent YoY increase.

This surge was primarily driven by the import of over 11 GW of solar modules in Q1 2024, following the suspension of the ALMM order for projects with bid submission deadlines before April 2021.

The exemptions granted to older projects continued to contribute to the rise in imports in Q2 and Q3. Meanwhile, India’s total solar exports in 9M 2024 reached USD 1.3 billion, showing a 9.9 per cent YoY decline.

(KNN Bureau)