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					</table><p>Indian solar exports rose 227% year-over-year (YoY) to $1.8 billion (~₹152.6 billion) in CY 2023 from $561 million (~₹46.4 billion), according to recent data published by the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>Solar photovoltaic modules accounted for 97.4% of the annual solar exports, while solar cells accounted for the remaining 2.6%.</p>
<p>The U.S. was the top buyer of Indian solar cells and modules, accounting for 97.3% of the exports in 2023. After imposing the anti-dumping and anti-circumvention duties on Chinese solar modules, the U.S. Department of Commerce <a href="https://www.mercomindia.com/us-circumvention-inquiries-solar-products-china" target="_blank" rel="noopener">clarified</a> the scope of the anti-circumvention probe, allowing the import of solar modules made outside of Southeast Asia. These duties and clarifications have enabled Indian solar manufacturers to increase module shipments to the U.S.</p>
<p><strong><img decoding="async" loading="lazy" class="aligncenter wp-image-63725" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023.png" alt="EXIM CY 2023" width="600" height="344" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023.png 2219w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-300x172.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-2000x1146.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-768x440.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-1536x880.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-2048x1174.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-650x373.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-624x358.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-CY-2023-600x344.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></strong></p>
<p><strong>Solar Imports in 2023</strong></p>
<p>India imported $5 billion (~₹416.8 billion) worth of solar cells and modules in 2023, the highest in a year. The imports rose 89.3% from $2.6 billion (~₹218.5 billion) in 2022.</p>
<p>Solar modules accounted for 60.7% of the annual solar imports, while solar cells accounted for the remaining 39.3%.</p>
<p>The primary reasons for the surge in imports include the Ministry of New and Renewable Energy&#8217;s suspension of the ALMM order for projects commissioned until March 2024, lower module costs, and the planned commissioning of a large pipeline of solar projects in the first quarter of 2024.</p>
<p>China was the largest supplier of solar photovoltaic products to India, accounting for 58% of the total imports, followed by Vietnam (16.6%) and Malaysia (11.7%). Thailand, Hong Kong, and Cambodia were the other major suppliers, accounting for 5.6%, 3.5%, and 3.1% of the total imports, respectively.</p>
<p><strong><img decoding="async" loading="lazy" class="aligncenter wp-image-63726" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023.png" alt="EXIM Q4 2023" width="600" height="378" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023.png 2139w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-2000x1260.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-768x484.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-1536x968.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-2048x1291.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-650x410.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-624x393.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/EXIM-Q4-2023-600x378.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></strong></p>
<p><strong>Solar Exports in Q4 2023</strong></p>
<p>In the fourth quarter (Q4) of 2023, Indian solar exports fell 35.7% to $349.4 million (~₹29.1 billion) from $543.8 million (~₹45.5 billion) in Q3 2023. Exports were down 5.8% YoY from $371 million (~₹30.4 billion).</p>
<p>The U.S. remained the top export destination in Q4 2023, accounting for 93.5% of the overall export value. However, Indian solar shipments to the U.S. saw a 38.2% QoQ decline.</p>
<p><strong>Solar Imports in Q4 2023</strong></p>
<p>Solar cells and modules amounting to over $2 billion (~₹171 billion) were imported in Q4 2023, a QoQ increase of 69.1% from $1.2 billion (~₹101.6 billion). Imports were up 383.3% YoY from $425 million (~₹34.9 billion).</p>
<p>Solar cells accounted for 20.9% of the quarter&#8217;s imports compared to 40.8% in Q3 2023, whereas solar modules&#8217; import share increased to 79.1% from 59.2% in the previous quarter.</p>
<p>The MNRE allowed developers to procure solar modules from manufacturers not included in ALMM until March 31, 2024. As the deadline approached, developers accelerated their cell and module procurement to complete their projects on time.</p>
<p>In Q4 2023, China accounted for 69% of India&#8217;s solar imports compared to 50.2% in Q3. Imports from China totaled $1.4 billion (~₹116.9 billion), a 55.2% QoQ growth.</p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Update</a>.</p>
<p>Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Exim Tracker</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anubhav-prakash/" class="vcard author" rel="author"><span class="fn">Anubhav Prakash</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Anubhav Prakash</strong> </a>is a research associate at Mercom India Research.</div>
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Indian Solar Exports Grow 227% YoY in 2023, Imports up 89%


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					</table><p>Solar cell and module exports from India surged 246% to $543.8 million (~₹45.5 billion) in the third quarter (Q3) of 2023 from $157 million (~₹12.5 billion) in Q3 2022, according to recent data published by the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>Exports were up by 17% quarter-over-quarter (QoQ) from $463.8 million (~₹38.1 billion).</p>
<p>The U.S. remained the top export destination in Q3 2023, accounting for 97.2%. Exports to the U.S. increased by 15.8% QoQ.</p>
<p>Indonesia accounted for around 1% of Indian solar exports, while Somalia, Thailand, and South Africa each accounted for 0.6%, 0.2% and 0.2%, respectively. Solar exports to other countries totaled about 0.7%.</p>
<p><strong>Solar Imports</strong></p>
<p>India imported $1.2 billion (~₹101.6 billion) worth of solar cells and modules during Q3 2023, a 208.2% YoY increase from $394 million (~₹31.4 billion).</p>
<p>Imports grew 31% QoQ from $926.6 million (~₹76.1 billion).</p>
<p>The higher imports were driven by the suspension of the Approved List of Models and Manufacturers (ALMM) Regulation and the steep drop in Chinese solar cell and module prices.</p>
<p>The Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/mnre-almm-exemption-solar-projects-march-31-2024" target="_blank" rel="noopener">suspended</a> the ALMM order, allowing developers to procure solar modules from manufacturers not included in the ALMM list until March 31, 2024. Due to the fall in module prices in China and other Southeast Asian countries and the approaching deadline, developers are ramping up module procurement to commission projects on time.</p>
<p>In Q3 2023, China accounted for 50.2% of India&#8217;s solar imports compared to 42.3% in Q2 2023. Imports from China totaled $609.3 million (~₹50.6 billion), representing a 55.2% QoQ growth.</p>
<p>Vietnam was the second largest source of imports, with 24.3%, followed by Malaysia, Hong Kong, and Thailand, with 11.3%, 5.1%, and 4.4%, respectively. The value of solar products imported from Vietnam increased by 67.5%. The value of imports from Malaysia and Hong Kong dropped by 19.1% and 11.4%, respectively, from the previous quarter.</p>
<p><strong><img decoding="async" loading="lazy" class="aligncenter wp-image-60836" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023.png" alt="Solar EXIM Q3 2023" width="600" height="333" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023.png 2561w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-300x166.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-2000x1110.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-768x426.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-1536x852.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-2048x1136.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-650x361.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-624x346.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/EXIM-Q3-2023-600x333.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></strong></p>
<p><strong>First Nine Months (9M) 2023</strong></p>
<p>In the first nine months (9M) of 2023, solar cell and module exports grew 678% YoY to $1.5 billion (~₹122.4 billion) from $191 million (~₹14.8 billion).</p>
<p>Solar modules accounted for around 98.5% of the country&#8217;s total solar exports, and cells for 1.5%.</p>
<p>In December 2022, the U.S. Department of Commerce clarified the scope of the anti-circumvention investigation, allowing the import of solar modules assembled in countries other than Southeast Asia. This clarification has allowed Indian solar manufacturers to significantly increase module exports to the U.S., resulting in a surge in solar exports in 9M 2023.</p>
<p>From January to September, solar cell and module imports grew 33.1% YoY to $3 billion (~₹243.2 billion) from 2.2 billion (~₹172.1 billion).</p>
<p>Solar cells and modules imported in Q3 2023 alone accounted for 41.1% of the total imports in 9M 2023.</p>
<p>Solar cells accounted for 52.2% of 9M 2023&#8217;s imports compared to 39.9% in 9M 2022, whereas solar modules&#8217; import share dropped to 49.6% from 60.1%.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-60837" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023.png" alt="Solar EXIM 9M 2023" width="600" height="333" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023.png 2561w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-300x167.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-2000x1111.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-768x427.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-1536x853.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-2048x1138.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-650x361.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-624x347.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Solar-EXIM-9M-2023-600x333.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to the – <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Market Update</a> quarterly report.</p>
<p>Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Exim Tracker</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anubhav-prakash/" class="vcard author" rel="author"><span class="fn">Anubhav Prakash</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Anubhav Prakash</strong> </a>is a research associate at Mercom India Research.</div>
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Indian Solar Exports Surge by 246% YoY in Q3 2023


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					</table><p>India exported solar cells and modules worth $463.8 million (~₹38.6 billion) in the second quarter (Q2) of calendar year (CY) 2023, a staggering year-over-year (YoY) increase of 1,669%, according to the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a> data.</p>
<p>However, on a quarter-over-quarter (QoQ) basis, exports fell 3.1% from $478.8 million (~₹39.9 billion) in Q1 2023.</p>
<p>Solar photovoltaic modules accounted for approximately 98% of the country&#8217;s total solar exports.</p>
<p>Building upon the momentum from <a href="https://www.mercomindia.com/solar-exports-surged-q1-2023-imports-fell-34" target="_blank" rel="noopener">Q1</a>, solar exports surged by a remarkable 2,696.4% in the first half of 2023, compared to $33.7 million (~₹2.8 billion) during the same period the previous year.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-57789 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023.jpg" alt="Solar Imports &amp; Exports Q2 2023" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023.jpg 927w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023-300x165.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023-768x423.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023-650x358.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023-624x344.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-Q2-2023-600x331.jpg 600w" sizes="(max-width: 927px) 100vw, 927px" /></p>
<p>The U.S. remained the top buyer of Indian solar products in Q2 2023, accounting for 98.5% of total solar exports.</p>
<p>The U.S. Department of Commerce (<a href="https://www.commerce.gov/" target="_blank" rel="noopener">DOC</a>) issued a <a href="https://www.mercomindia.com/us-clarifies-anti-circumvention-probe-module-imports" target="_blank" rel="noopener">clarification</a> on the scope of the anti-circumvention investigation in December 2022, allowing the import of solar modules assembled in non-Southeast Asian countries. This clarification provided Indian solar manufacturers with a window of opportunity to export modules to the U.S., resulting in a notable upswing in solar exports during the recent quarters.</p>
<p>In May 2023, U.S. President Joe Biden <a href="https://www.mercomindia.com/biden-vetoes-legislation-solar-import-waivers" target="_blank" rel="noopener">vetoed</a> the bipartisan <a href="https://www.mercomindia.com/us-congress-import-tariff-waiver-biden-says-will-veto" target="_blank" rel="noopener">resolution</a> passed by the Senate, temporarily suspending tariffs on solar modules imported from Cambodia, Malaysia, Thailand, and Vietnam until at least June 2024.</p>
<p>South Africa accounted for 0.8% of the quarter&#8217;s exports, while Afghanistan, Canada, and the U.A.E. each accounted for 0.1%.</p>
<p><strong><img decoding="async" loading="lazy" class="aligncenter wp-image-57790 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023.jpg" alt="Solar Imports &amp; Exports 1H2023" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023.jpg 986w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023-300x165.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023-768x423.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023-650x358.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023-624x344.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Solar-Imports-Exports-1H2023-600x330.jpg 600w" sizes="(max-width: 986px) 100vw, 986px" /></strong></p>
<p><strong>Imports</strong></p>
<p>India&#8217;s solar cell and module imports increased by 55.1% YoY to $926.6 million (~₹77.2 billion) from $597 million (~₹49.7 billion).</p>
<p>On a QoQ comparison, solar imports grew 14.1% from $812 million (~₹67.6 billion).</p>
<p>Solar module imports saw a 50.1% increase in QoQ, while cell imports declined by 4.7%.</p>
<p>Solar module imports have risen after the Approved List of Manufacturers and Modules regulations was suspended, temporarily allowing developers to procure solar components from international markets until March 2024.</p>
<p>China accounted for 42.3% of the total cell and module imports in Q2 2023, down from 60% in the previous quarter.</p>
<p>The other countries that significantly contributed to India&#8217;s solar imports include Vietnam, Malaysia, Thailand, Hong Kong, and Cambodia.</p>
<p>Thanks to the existing Free Trade Agreement (FTA) with countries like Vietnam and Malaysia, the proportion of imports from these nations has risen.</p>
<p>Vietnam accounted for 19%, and Malaysia for 18.3% of the total cell and module imports in Q2 2023.</p>
<p>For 1H 2023, the imports, however, saw a dip of 4.7% when compared to the previous year, where the imports were much higher as developers and manufacturers were stockpiling cells and modules ahead of the BCD imposition in April 2022.</p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – <a href="https://www.mercomindia.com/product/q1-2023-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Update</a>.</p>
<p>Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Exim Tracker</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anubhav-prakash/" class="vcard author" rel="author"><span class="fn">Anubhav Prakash</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="authorboxn" style="padding-bottom: 20px"><a href="#" target="_blank" rel="noopener"><strong style="color: #00b451">Anubhav Prakash</strong> </a>is a research associate at Mercom India Research.</div>
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India’s Solar Cell and Module Imports and Exports Rise YoY in Q2 2023

Author: Anubhav Prakash

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