Q1 India’s PV product imports fell 40% year-on-year in 2019
According to the news released by Mercom in India, the import of photovoltaic products in India in the first quarter of 2019 (Q1) dropped sharply year-on-year.
In Q1 2019, India’s imports of photovoltaic cells and components were about 650 million US dollars, compared with 1.1 billion US dollars in the same period of 2018, a 40% drop.
In Q1 2019, India exported about $33 million in photovoltaic cells and components, compared with $19 million in the same period last year, an increase of 74% year-on-year.
India imported about 523 million US dollars of photovoltaic cells and component products from China, but compared with 991 million US dollars in Q18 in 2018, it fell 47% year-on-year. The share of imported PV products from China also dropped from 91.5% in Q1 last year to 80.5%. The main reason is that the Indian government imposes a 25% guarantee tariff on photovoltaic products imported from China and Malaysia.
Singapore has become the second largest importer of Q1 photovoltaic products in India with a market share of US$40 million and 6.7%. The third place is Vietnam, which has increased from 0.5% last year to 6.1%.
In Q1 2019, India exported a total of 21 million US dollars of photovoltaic cells and components to Vietnam.
India’s 15.4% of its photovoltaic cells and components were exported to the United States, an increase of 90% year-on-year.
Major Indian exporters include the United Arab Emirates (3.7%), South Africa (3.4%), Belgium (2.5%) and Nigeria (1.9%).