India’s solar modules and cells export worth $41 million was up 116 percent in April-July 2016

Global clean energy communications and research firm, Mercom Capital both exports and imports of solar modules and cells have increased dramatically year on year.

The research firm in its latest report revealed that India exported solar modules and cells worth $41 million (Rs.2.74 billion) from April to July 2016, which was up 116 percent from the same time (April- July) last year. During the same time frame India imported modules and cells worth $580 million (Rs.38.78 billion), which was up 52 percent compared to the same four-month period of last year.

The report points out at a healthy solar PV market in the country which continues to grow at a remarkable rate.

Mercom Capital notes that China is the largest exporter of solar modules and cells to India followed by Malasiya.  82% of India’s total solar imports are from China while Malaysia and US accounts to 12% and  1% respectively.  It will interesting see if the imports from U.S. will increase after the recent ruling from the World Trade Organization (WTO) is enforced, which found India’s domestic content requirement discriminatory against U.S. manufacturers.

According to the research firm the largest importer of Indian solar modules and cells is United Kingdom and Italy which accounts to 34.1% and 11.4% respectively, while China imports just 10.7 percent.

Raj Prabhu, CEO of Mercom Capital Group in a statement said  “In order to reach the goal of installing 100 GW by 2022, developers will have to continue importing cheaper cells and modules to be able to compete in hypercompetitive auctions and build projects that yield decent returns.”