Malaysia’s solar panel exports to India hit $1.1 billion
US remains biggest buyer of country’s total photovoltaic cell products with 45% share
KUALA LUMPUR, Malaysia (MNTV) – Malaysia recorded an 88% increase in photovoltaic (PV) cell exports to India valued at $1.10 billion in 2024 versus $584 million in 2023, according to the country’s Ministry of Investment, Trade and Industry (Miti).
In a written reply on the website of Malaysia’s lower house of parliament (Dewan Rakyat), the ministry said Malaysia has also identified the United Arab Emirates and Saudi Arabia as potential export markets, reports Malay Mail.
This is to counter the decline in PV cell exports to the US market, the ministry said. “Miti acknowledges that the US is the largest market for PV cells. Exports to the US started to decline even before it introduced ‘reciprocal tariffs’. The decline started when the US ended the solar product tax exemption for South-east Asian countries in June 2024.
“The US had granted tax exemptions for solar PV cell imports from Malaysia, Thailand, and Vietnam from June 7, 2022, to June 6, 2024,” Miti said.
Based on Malaysia External Trade Development Corporation data, 2024 PV cell exports in the form of modules and panels totalled $2.65 billion.
The US still remains its biggest buyer with 45% share, followed by India (33%); Vietnam (12%). The other buyers are Pakistan, Ukraine, Türkiye, the Philippines, South Korea and Argentina.
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