US tariffs, Europe slowdown reshape global solar panels trade
Solar panel exports from Vietnam, Malaysia, Thailand and Cambodia to the U.S. fell by 33% on an annual basis in the nine months since the first round of tariffs in June. In the
Exports from Indian manufacturers have declined in recent quarters due to imposition of the Approved List of Models and Manufacturers (ALMM),” JMK Research & Analytics added. The US is India's main export destination accounting for 97 per cent and 99 per cent of the latter's solar PV module exports in FY23 and FY24, respectively.
“Module exports from Indian manufacturers declined this quarter due to the imposition of a 50 per cent tariff by the US. In Q3 2025, around 883 megawatt (MW) of modules were exported by 7 key players,” JMK Research & Analytics said. In comparison, the April-June 2025 quarter witnessed around 1,346 MW of solar module exports.
In 2024, the US emerged as the top destination for the country's solar cells and modules accounting for as much as 97.5% of the total shipments. Similarly, imports of solar cells and modules also registered a decline last year with imports reaching $4.5 billion, down 10.2% from $5 billion in 2023.
The US is India's main export destination accounting for 97 per cent and 99 per cent of the latter's solar PV module exports in FY23 and FY24, respectively. Other countries include South Africa, Somalia, Kenya, the UAE, Afghanistan, Nepal and Bangladesh.
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