Solar Imports Grow 39 Percent, Exports Decline 56 Percent in the First Ten Months of Financial Year 2016-17
In the ten months from April to January in financial year (FY) 2016-17, the Indian solar sector registered export and import activity totaled $2.2 billion (~Rs.150.3 billion), an increase of $0.54 billion (~Rs.39.1 billion) compared to import and export activity worth $1.70 billion (~Rs.111.2 billion) in the same period in FY 2015-16.
During the ten-month period, India exported solar modules and cells worth $60.3 million (~Rs.4.04 billion) and imported solar modules and cells worth $2.17 billion (~Rs.146.3 billion). Compared to the same period in 2015-16, solar imports have grown by 39 percent, whereas exports declined by 56 percent, compared to the $137.1 million (~Rs.9.02 billion) in the same period.
Imports rose by 30 percent and exports dropped by 94 percent in the month of January 2017 compared to January 2016.
China was the largest exporter of solar modules and cells to India, accounting for $1.9 billion (~Rs.121.9 billion) worth of India’s total solar import and an 87 percent market share. Malaysia was the second largest exporter in India, accounting for $170.42 million (~Rs.10.98 billion) of India’s imports and an eight percent market share.
The United Kingdom was the largest importer of Indian solar modules and cells, importing modules and cells worth $18.84 million (~Rs.1.21 billion) accounting for 31 percent of India’s total solar exports. Italy accounted for nine percent of exports, followed closely by Belgium with eight percent, while the United States and China accounted for seven percent each.