Indian Solar Exports Drop 58%

• India's solar import activity in the 11-month period from April 2016 to February 2017 equalled a total of $2,545 million, increasing 34% YoY
• Export activity dropped 58% to only $66 million in the reporting period
• In February 2017, imports grew by 10% and exports dropped 73% compared to February 2016
• China continues to have almost a monopoly in terms of countries importing their solar cells and modules into India - it reached a 86.6% market share

Indian solar exports registered a big slump, as much as 58% in the period from April 2016 to February 2017 YoY. India exported only $66 million worth of goods in the reporting period compared to $159 million exported during the same time last year.

In comparison, import of solar cell and modules grew 34% to $2,545 million in the same time frame.

Total export and import activity reached $2.61 billion in April 2016 to February 2017, increasing from $2.06 billion in the same period a year back, according to the Indian Department of Commerce figures, reported Mercom Capital Group.

This export drop is even higher than the 49% decrease reported in the first nine months of FY-2016-17 (see Indian Solar Exports Drop 49%).

For the month of February 2017, imports jumped 10% and exports dropped by 73% YoY.

With $2.2 billion, China continues to lead exporting countries to India. This represents a 86.6% market share. It is followed by Malaysia with a 8.1% share.

The UK was the biggest market for Indian solar manufacturers for selling their products. With $18.8 million, it accounted for 28.5% of total solar exports from India in the 11-month period. Italy comes next with 7.8%, Belgium 7.7%, US 7.04% and China 6.8%. Even the market share of the UK, Italy and Belgium has declined from what was reported in the first nine months of the last FY.