New Delhi, Feb 26 (KNN) In a remarkable upswing, Indian solar exports experienced an astounding 227 per cent surge, reaching a substantial USD 1.8 billion in the year 2023.

This surge, as reported by the Department of Commerce, marks a significant leap from the previous year's figures of USD 561 million.

Solar photovoltaic modules were the primary drivers of this growth, constituting a staggering 97.4 per cent of the total annual solar exports, while solar cells contributed the remaining 2.6 per cent.

The United States emerged as the top destination for Indian solar cells and modules, absorbing a notable 97.3 per cent of the exports in 2023.

This surge in exports to the U.S. can be attributed to recent measures undertaken by the U.S. Department of Commerce, which imposed anti-dumping and anti-circumvention duties on Chinese solar modules.

The clarification of the scope of the anti-circumvention probe opened avenues for the import of solar modules from regions beyond Southeast Asia, consequently boosting Indian manufacturers' shipments to the U.S.

Conversely, India witnessed a substantial increase in solar imports, totalling USD 5 billion in 2023, the highest recorded in a year.

This marks an 89.3 per cent rise from the previous year's imports of USD 2.6 billion.

Solar modules constituted a significant portion of these imports, accounting for 60.7 per cent, while solar cells comprised the remaining 39.3 per cent.

However, in the fourth quarter of 2023, Indian solar exports experienced a downturn, declining by 35.7 per cent to USD 349.4 million from USD 543.8 million in the preceding quarter.

This decline also represented a 5.8 per cent decrease year-over-year from USD 371 million in the same quarter of the previous year.

Despite the Q4 setback, the overall trajectory indicates a remarkable surge in Indian solar exports, underscoring the nation's growing prominence in the global solar market.

(KNN Bureau)