India's PV Module Imports in The First Quarter Of 2022 Increased By 374% Year-on-year!

According to recent statistics released by the Indian Ministry of Commerce, India's imports of photovoltaic (PV) cells and modules totaled $1.23 billion (approximately 92.62 billion rupees) in the first quarter of 2022, a staggering 374% year-on-year increase. This surge in imports was primarily due to the implementation of the Basic Duty on PV cells and modules (BCD) on April 1st, prompting Indian PV developers to pre-purchase and stockpile large quantities of PV modules, with a total installed capacity of approximately 10GW, to save 40% on future procurement costs.

Meanwhile, India's PV module exports in the first quarter of 2022 plummeted by 74% year-on-year to only $7 million (approximately 535 million rupees), a 68% decrease compared to $23 million in the fourth quarter of 2021. Data shows that China is India's largest export market for PV modules and cells, accounting for nearly 96%, followed by Hong Kong, Malaysia, Singapore, and Switzerland, accounting for 2%, 1%, 0.6%, and 0.3% respectively. In comparison, China accounted for 89.5% in the fourth quarter of 2021.

However, India's import structure is expected to change from April 2022, with the basic tariffs taking effect and most tenders requiring the use of photovoltaic modules from the Approved Models and Manufacturers List (ALMM). Furthermore, the Directorate General of Trade Remedies (DGTR) of the Ministry of Commerce of India has proposed imposing anti-dumping duties on fluorinated backsheets imported from China and extending anti-dumping measures on textured tempered photovoltaic glass imported from China for another two years. This policy aims to encourage domestic photovoltaic module production and restrict imports, but whether domestic production can meet industry demand remains questionable.

On the export side, the United States continues to be India's largest export market for photovoltaic modules, accounting for 52%, followed by Somalia, Afghanistan, Oman, Canada, and South Africa, accounting for 15%, 15%, 5%, 5%, and 2%, respectively.

From an industry trend perspective, with policy adjustments, India's photovoltaic industry is accelerating its localization, leading to a rise in demand for efficient and secure power connection and management components. To address this demand, our company offers products such as high-conductivity copper busbars, flexible copper braided wires, aluminum-cased energy storage battery packs, and copper fuse blades and contact components for new energy applications. These products provide reliable electrical connections and protection for photovoltaic power plants and energy storage systems, meeting the industry's dual requirements for quality and efficiency. These products excel in reducing system losses, improving safety, and extending service life, perfectly aligning with the current import substitution and localization trends in the Indian photovoltaic market.