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40% drop in India’s solar imports in Q1

According to the latest trade data, India’s solar imports witnessed a significant year-over-year (YOY) decline in the first quarter (Q1) of 2019. While in Q1, 2018, India imported US$ 1.1 billion worth of solar cells and modules imported; it imported solar modules and cells of approximately $650 million the corresponding period this year. There has also been an increase in the export of solar cells & modules over the same period. India exported solar modules and cells worth US$ 33 million in Q1 2019, a 74% increase, compared to US$ 19 million of exports in the same quarter of the preceding year.

China, Singapore & Vietnam were the top 3 sources of India’s solar imports, respectively. The decline in imports has been attributed to the imposition of 25% safeguard duty by the Indian government on solar imports from China and Malaysia.