Solar Imports Grew by 34 Percent Year-over-Year, Exports Declined 58 Percent in the First 11 Months of Financial Year 2016-17
In the 11 months from April to February in financial year (FY) 2016-17, export and import activity totaling $2.61 billion (~Rs.175.7 billion) was registered in the Indian solar sector, according to Department of Commerce. This was $554 million (~Rs.39.9 billion) more compared to import and export activity worth $2.06 billion (~Rs.135.8 billion) in the same period in FY 2015-16.
During the 11-month period, India exported solar modules and cells worth $66 million (~Rs.4.4 billion) and imported solar modules and cells worth $2.5 billion (~Rs.171.3 billion). Compared to the same period in 2015, solar imports have grown by 34 percent, whereas exports have declined by 58 percent, down from the $159 million (~Rs.10.5 billion) in the same period in 2015.
Imports rose by 10 percent and exports dropped by 73 percent in the month of February 2017 compared to February 2016.
China is the largest exporter of solar modules and cells to India, accounting for $2.2 billion (~Rs.141.6 billion) worth of India’s total solar import and an 86.6 percent market share. Malaysia is the second largest exporter in India, accounting for $205.78 million (~Rs.13.2 billion) of India’s imports and an 8.1 percent market share.
India’s solar exports are witnessing a gradual decline. The United Kingdom was the largest importer of Indian solar modules and cells, with $18.8 million (~Rs.1.2 billion) accounting for 28.5 percent of India’s total solar exports. Italy accounts for 7.8 percent of exports, followed closely by Belgium at 7.7 percent. The U.S. and China account for 7.04 percent and 6.8 percent respectively.