Value of PV imports tanked 83% in second quarter

Share

With more than 1.8 million cases, India accounts for 10% of the global Covid-19 count. National shutdowns have been accompanied by significant drop-offs in solar project development and industry supply chain challenges and workforce availability have been significantly affected.

Independent analysts such as the U.S.-owned WoodMac have projected pandemic-affected financing and support challenges could slow demand and investment and newly published quarterly data from Mercom India Research echoes those concerns – with the value of Indian solar imports in the April-to-June period reportedly down a huge 83% on the same period of last year.

The Mercom India subsidiary of the U.S.-based Mercom Capital Group reported solar cell and module imports were worth $69 million (Rs515 crore) in the second quarter, having fallen off a cliff from the $399 million reported in the same period of last year. The quarter-over-quarter results were slightly less grim, with the value of solar imports falling 54% from the $151 million recorded in the first three months of the year.

Mercom said China accounted for 77% of the Indian PV imports in the second quarter, followed by Thailand (7%), Vietnam (5%), Singapore (3.5%) and Cambodia (3%).

Covid-related impacts on the national solar industry have raised concern at solar companies and the government alike. Chinese companies looking to take advantage of coronavirus-battered Indian companies by buying cheap shares prompted a response from the federal government, with a recent requirement enacted which related to oversight of foreign investment proposals.

India’s solar exports also fell in the second three months of the year, down 31% on both an annual and quarterly basis, according to Mercom. The United States remains the largest importer of Indian PV products, accounting for 89% of solar exports.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Waaree Energies, IIT Bombay collaborate to drive perovskite solar R&D
12 December 2024 Waaree Energies will support creation of an advanced fabrication and characterization setup for high-efficiency perovskite solar cells at IIT Bombay.