- India imported $602 million worth of solar cells and modules during Q3/2018, reflecting an increase of 38% sequentially
- This is because of prior orders based on project timelines and not due to current market conditions, said Mercom Capital Group’s CEO Raj Prabhu while sharing Department of Commerce data for the quarter
- China continued to be the single largest supplier of solar cells and modules to India accounting for some 84.5% of total imports during the quarter, increasing its market share from last quarter’s 75.9%
- There was 223% increase in exports of Indian solar cells and modules to foreign shores in the quarter, with US taking 58% of the total
Prior orders based on project timelines are responsible for the 38% sequential increase in import of solar cells and modules by India in Q3/2018 and not current market conditions, says Mercom Capital Group’s CEO Raj Prabhu while sharing the data from the Indian Department of Commerce about India’s solar imports and exports.
Import activity was down 17% compared to same quarter in 2017, but India imported solar modules and cells worth $602 million in Q3/2018, up from more than $436.63 million reported in the previous quarter when China accounted for close to 75.9% of country’s imports.
Even as India imposed 25% safeguard duty on Chinese and Malaysian solar imports in the country, China was the single largest supplier of solar modules and cells to India, accounting for nearly 84.5% of total imports during Q3/2018.
Following China was Singapore that accounted for 6.9% of total solar cells and modules imported in the country, more than doubling its market share in the reporting quarter. Taiwan was the third largest supplier with 3.8% market share.
The other countries in the list are Malaysia with 1.3% share, with Canada and Thailand at 0.7% each, Vietnam at 0.6% and Hong Kong at 0.4%.
Mercom said trade activity in this domain is suffering because of several unresolved issues and ambiguities that are curtailing the growth of solar power industry here, including goods and services tax (GST), imports from Vietnam and Thailand being subjected to safeguard duty, even as the countries aren’t part of the safeguard duty imposition, among others.
As for exports, Indian manufacturers sold $56.23 million worth of solar cells and modules in the same period, growing 223% over previous quarter’s $17.4 million. The United States (US) took 58% of the total share, even as the exports to the country declined 63% sequentially. Apart from the US, India exports solar cells and modules in Q3/2018 to Denmark, Australia, Poland, Netherlands and Belgium.