In May 2024, China’s solar module exports showed a notable trend: higher volumes but lower prices. Data from the General Administration of Customs and calculations by Solarbe indicate that while the export value is decreasing, the volume continues to rise.
The total export value of PV modules in May was $2.623 billion, down 36.8% year-on-year and 1.33% month-on-month.
Based on Infolink’s latest export price of $0.12 per watt, the export volume for May rose to around 21.86 GW, showing a year-on-year increase of over 10%.
By the end of May 2024, the total export value for the year reached $13.62 billion, with a cumulative export volume of approximately 97.9 GW.
The Netherlands, Brazil, and Saudi Arabia were the top destinations, each receiving over 1 GW of PV modules in May.
Regional Insights
Europe remains the largest market for Chinese PV modules. Despite falling prices, exports to Europe in May were valued at $1.358 billion, up 0.17% month-on-month but down 46.21% year-on-year. The volume exported to Europe grew to about 11.32 GW, an 8.51% month-on-month increase.
However, from January to May 2024, both the export volume and value to Europe dropped significantly, with volume down 20.59% and value down 49.53% compared to the same period in 2023.
In May, the Asian market saw a decrease in both export value and volume. In contrast, Latin America, the Middle East, Africa, and Oceania experienced growth.
North America, although starting from a smaller base, showed strong growth with a 44.44% increase in export value and a 56.47% rise in volume month-on-month.
