India's solar product imports skyrocket in Q2 - Mercom

Image by: Mercom India Research.

August 20 (Renewables Now) - India’s imports of solar cells and modules soared to USD 762 million (EUR 652.7m) in the second quarter of 2021 and returned to levels before the COVID-19 pandemic, Mercom India Research says in a new report.

According to the data, the quarterly imports zoomed by a whopping 1,000% in annual terms from USD 69 million in the second quarter of 2020, which was marked by the global downturn due to COVID-19. Demand has bounced back this year and the market is showing big signs of recovery, the market analyst said, explaining that the improvement came as the effect of lockdown measures on construction and development activity became less severe.

Sequentially, second-quarter solar imports jumped by 194%, while exports rose 113%. At USD 61 million, exports registered a 151% year-on-year increase.

In spite of the higher component costs and supply shortages, solar equipment imports in the first half of 2021 bounced 346% on a yearly basis. Exports, meanwhile, were up 50%.

(USD 1.0 = EUR 0.857)

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