India’s PV module exports hit $1.9 billion in fiscal 2023-24

India’s solar module exports hit $1.9 billion in fiscal 2023-24, with shipments to the US market accounting for the lion’s share of the total.

Image: Adani Solar

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From pv magazine India

India’s solar module exports rose 91% to $1.9 billion in fiscal 2023-24. The US market was the biggest destination, accounting for 98.5% of India’s total PV module exports. Exports to South Africa hit $4.73 million, according to data from India’s Ministry of Commerce and Industry.

India’s solar module imports hit $4,353.51 million in fiscal 2023-24, 361% up from $943.52 million in fiscal 2022-23. China’s shipments to India totaled $2,850.74 million, accounting for around 66% of India’s total module imports.

Vietnam was the second-largest module supplier to India. Its panel shipments to India totaled $935.05 million. Malaysia’s shipments to India stood at $237.99 million.

India’s imports of solar cells also rose to $1,853.05 million in fiscal 2024, up 41% year on year.

China remained the largest solar cell supplier to the Indian market. PV cell imports from China almost doubled to $1,035.98 million in fiscal 2024, from $581.45 million in fiscal 2023.

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Malaysia and Thailand were India’s next two biggest sources for solar cells, with their shipments to India totaling $311.81 million and $248.75 million, respectively.

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