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Daily News Wrap-Up: Indian Solar Imports Surge to $2 Billion in Q1 2024

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June 12, 2024

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India imported solar cells and modules totaling over $2 billion (~₹167 billion) in the first quarter (Q1) of the calendar year 2024, up 147.5% year-over-year (YoY), according to data from the Department of Commerce. Solar cells accounted for 21% of the quarter’s imports, and solar modules 79%. Module and cell imports fell 2.1% quarter-over-quarter (QoQ) from $2.05 billion (~₹170.9 billion). In Q1 2024, China accounted for 73% of India’s solar imports compared to 69% in Q4 2023. Imports from China totaled $1.5 billion (~₹121.8 billion), representing a 3.6% QoQ growth. Vietnam was second with 13.5%, followed by Malaysia, Thailand, Singapore, and Hong Kong with 3.5%, 3.3%, 3.1%, and 2.5%, respectively.

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