From January to December 2024, China exported 10.57 GW of modules to Spain, down 10% YoY from 11.75 GW, accounting for 11% of the Europe’s total, while the Netherlands led with a 40% share. The Asia-Pacific imported 4.56 GW of modules from China in December 2024, down 10% MoM from 5.08 GW and down 30% YoY from 6.56 GW.
In 2021, the value of China’s solar PV exports was over USD 30 billion, almost 7% of China’s trade surplus over the last five years. In addition, Chinese investments in Malaysia and Viet Nam also made these countries major exporters of PV products, accounting for around 10% and 5% respectively of their trade surpluses since 2017.
Africa imported 1.31 GW of modules from China in December 2024, up 17% MoM from 1.12 GW and up 222% YoY from 0.41 GW. China exported 3.62 GW of modules to the Africa in 4Q24, up 164 % YoY from 1.37 GW. In 2024, cumulative shipments to the Middle East reached 11.36 GW, representing a 43% YoY increase from 7.94 GW.
Although Chinese solar firms have “gone overseas” for over a decade, the headwinds are stronger this time. They are facing internal and external worries simultaneously, as several company chiefs stressed, referring to domestic oversupply and international restrictions.
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