India’s Solar Exports Drop from $1,969 Mn To $782.11 Mn

Solar PV module exports from India have evolved over the last few years. In FY 2021-22, the value of exports of solar PV modules was around 83 million USD, which rose to around 1,969 million USD in FY 2023-24. As of FY 2024-25 (till November 2024), solar PV modules worth around 782.11 million USD have been exported. This data was shared by Shripad Yesso Naik, Union Minister of State for New & Renewable Energy and Power, in a written reply before the Rajya Sabha.

He also shared details of the countries to which India is exporting its PV cells/modules. It revealed that India exported 782.11 million USD worth of modules in the 2024-25 period (until November 2024) and 27.32 Mn solar cells were exported in this duration.

When asked about the efforts being made to explore the export potential to other countries, he said, “Apart from efforts made by individual companies to export solar PV modules, at the government level, during bilateral engagements, including those on free trade with other countries/regions, the issue of the solar supply chain, including exploring the possibility of export of solar PV modules from India, is also discussed.”

Where Is India Exporting Its Solar Modules & Cells?

The minister, in his response, shared the export data of solar cells and modules and stated that India exported 19.81 million USD worth of solar modules, 756.08 million USD to the USA, and 1.18 million USD to Vietnam (SOC REP). India also exports to other countries like Canada (0.62 million USD), China (0.67), Mali (0.08 million USD), Mexico (0.06 million USD), Nepal (0.8 million USD), Nigeria (0.3 million USD), South Africa (0.12 million USD), Uganda (0.47 million USD), among others.

India exports 27.32 million USD worth of solar cells internationally, with the majority share going to the USA (25.09 million USD). Other countries that India exports solar cells to include Canada (1.76 million USD), Germany (0.1 million USD), and Thailand (0.47 million USD).

China Remains the Biggest Global Solar Module Exporter

He also revealed the details of steps taken/proposed to compete with these competitor countries. He said, “China is the leading global exporter of solar PV modules. The majority of India’s solar PV module exports go to the United States of America (USA). As per the November 2024 report titled ‘Indian Solar PV Exports Surging’ by the Institute for Energy Economics and Financial Analysis and JMK Research and Analysis, the USA imports most of its solar PV components from Vietnam, Thailand, Malaysia, and Cambodia. Since 2021, these countries have consistently made up over 75% of the USA’s annual solar PV imports.”

When talking about India’s share in the USA’s solar PV imports, he said, “It has been increasing over the past few years. Between 2021 and 2023, this share grew more than fourfold, from 2.2% to 9%. The steps taken by the government to support domestic solar PV manufacturing, which inter alia are envisaged to make domestic solar PV manufacturers globally competitive and help them compete with other solar PV exporting countries.”

With the US accounting for a lions share of exports, it is no surprise that a chill has gone through firms hoping to keep targeting the US market after restrictions on China. Chinese firms have been forced to use the SE Asia route for exports to the US, or focus elsewhere, leaving Indian manufacturers with a significant opportunity to chase. Any restrictions that cause a slowdown in capacity additions in the US, besides tariffs on Indian exports, would potentially cause damage accordingly.