Netherlands buys the most Chinese solar panels in Europe

(Patria) - China exported a record 120,427 megawatts (MW) of solar panels in the first half of the year, shipping almost half to Europe, primarily the Netherlands, according to data from the Ember research institute.

In the first six months, Chinese manufacturers delivered 6.3 percent more solar panels, measured by capacity in megawatts, or about 7,150 megawatts more than the previous semi-annual record, set in the first half of 2023, Ember stated.

This would mean that China has exported solar panels with a capacity of almost 720,000 megawatts since the beginning of 2020.

A key role in the export jump was played by price reductions, which averaged 13.7 cents per megawatt in the first half of the year, compared to an average of 18 cents per megawatt for the whole of last year. Compared to the average in 2022, they were almost halved.

This also means that Chinese solar panels are by far the cheapest in the world, measured by the price per megawatt of capacity for electricity generation from solar energy.

Europe was the main destination for Chinese exports, with a share of 43 percent, or 52,158 megawatts.

European imports decreased by a fifth compared to the same period last year, as high interest rates, concerns about economic growth, and trade tensions with China dampened demand.

Despite this, European procurement in the semi-annual period lags only behind the record first half of last year.

The Netherlands maintained its position as the leading market for Chinese solar panels, with a total imported capacity of 23,421 megawatts in the first six months of this year.

Although the figure is a quarter lower than in the first half of 2023, the Netherlands still more than doubled the imports of other countries in the first half of the year.

Major buyers in Europe included Spain, Germany, and Italy, but their import volumes sharply decreased compared to the first half of last year, Ember data shows.

Brazil is China's second-largest market, with acquired panel capacity of 10,511 megawatts in the first half of 2024. This represents an increase of 10 percent compared to the same period last year and is contrary to the slight decrease in imports in the entire Latin American region.

Asia took the position of the second-largest regional destination for Chinese solar panels, with a record imported capacity of 32,109 megawatts, or approximately 27 percent of the total volume.

This represents an increase of as much as 86 percent compared to the first half of 2023, and the main reason is strong growth in South Asia, according to institute data.