Key insights
- China's solar cell exports surged 60% YoY in April despite the removal of export tax refunds, driven by demand from Southeast Asia and Africa. While the headline suggests resilience, the MoM decline and potential front-loading effects before the tax change indicate possible near-term headwinds for the sector. This could indirectly impact US-based solar companies competing with Chinese manufacturers.
Investing.com -- China’s solar cell shipments abroad increased 60% year-on-year in April, according to customs data released Monday, maintaining strong growth even after the government eliminated an export tax refund.
The country shipped 1.34 billion solar cells in April, valued at $3.12 billion, compared with the same month last year. The shipments likely understate actual growth in energy terms due to ongoing advances in photovoltaic technology.
April exports declined from the previous month, when China shipped 1.71 billion cells. In volume terms, exports totaled 1.16 million metric tons in April, down from March’s record high of 1.78 million tons.
Demand from Southeast Asia and Africa drove the shipments. Analysts attributed March’s record levels partly to front-loading, as buyers rushed to import solar equipment before China cancelled its export tax refund program on April 1.
China’s customs administration is scheduled to release country-specific data on Wednesday.
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