August 23 (Solar) – Second-quarter imports of solar products into India marked a 60% quarter-on-quarter drop as solar capacity deployments slowed down and the market was affected by the imposition of safeguard duties on imports from China and Malaysia, according to Mercom Capital.
The country imported USD 436.6 million (EUR 376.5m) worth of photovoltaic (PV) cells and modules in April-June 2018, down from roughly USD 1 billion in the previous quarter. India saw the addition of around 1.6 GW of fresh PV capacity, according to preliminary figures.
“A slowdown in solar installations and the uncertainty around the safeguard duty case correlate with the lower procurement of cells and modules, thus negatively affecting import activity,” said Raj Prabhu, CEO of Mercom Capital. He added that the downward trend is likely to continue for a few more quarters.
Solar imports from China slumped by 67% quarter-on-quarter to USD 331 million, but the country remains the single largest exporter of solar cells and modules into India. Chinese companies accounted for nearly 75.9% of the total imports, while in the previous quarter that share was over 90%. Taiwan was responsible for 8.3% of all solar imports into India, valued at USD 36 million, followed by Vietnam with a 3.8% share and Canada with 3.6%.
Exports fell by 9% to USD 17.4 million from USD 19.15 million in the first quarter. The US was the top market with USD 11 worth of PV cells and modules imported from India. Belgium, the UAE, South Africa, Japan and Canada were among the other countries that imported Indian PV products.
(USD 1.0 = EUR 0.862)