India’s solar panel exports rose 91% to $1.9 billion in the 2023-2024 financial year. The US market was the largest destination, accounting for 98.5% of India’s total PV module exports. According to data from India’s Ministry of Trade and Industry, exports to South Africa amounted to $4.73 million.
India’s imports of solar panels stood at $4,353.51 million in FY 2023-2024, up 361% from $943.52 million in FY 2022-2023. Chinese shipments to India totaled US$2,850.74 million, accounting for about 66% of India’s total module imports.
Vietnam was the second largest module supplier to India. Panel shipments to India totaled $935.05 million. Shipments from Malaysia to India amounted to $237.99 million.
India’s imports of solar cells also rose to $1,853.05 million in FY 2024, up 41% year-on-year.
China remained the largest supplier of solar cells to the Indian market. Imports of PV cells from China nearly doubled to $1,035.98 million in fiscal year 2024 from $581.45 million in fiscal year 2023.
Malaysia and Thailand were India’s top two suppliers of solar cells, with their shipments to India totaling $311.81 million and $248.75 million respectively.
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