Brief Analysis of PV Glass Export Data in December 2024 [SMM Analysis]

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SMM, January 22:

In December 2024, China's PV glass exports reached 288,900 mt, up 2.63% YoY and a significant increase of 28.51% MoM. The total export volume for 2024 was 3.5813 million mt, a slight increase of 1.15% YoY compared to 2023. Among these, India was the largest trading partner in December, with a trade volume of 125,000 mt, up 59.64% MoM. The sharp increase in India's demand in December was mainly due to the anticipated growth in end-use demand, leading to higher glass demand. Additionally, domestic glass prices in India are expected to rise, prompting increased procurement volume compared to earlier periods and a surge in demand. The US ranked second, with a trade volume of 41,000 mt, up 10.51% MoM, marking three consecutive months of growth.

Figure 1: China's PV Glass Export Volume in December 2024

Source: General Administration of Customs, SMM

By specific trading partners, India was the largest destination for China's exports in December, with a trade volume of 125,000 mt, up 59.64% MoM. After India's sanctions on glass, demand slightly declined, but the country still has significant requirements for installations. Currently, local glass production in India cannot fully meet domestic demand, necessitating external supply. Additionally, with domestic glass prices expected to rise, India began to make early purchases in December. The top 5 export destinations in December were India, the US, Indonesia, Vietnam, and Laos. Laos rose to fifth place, with demand up 146.15% MoM from November. The top 5 destinations accounted for 73.32% of total exports, up nearly 4 percentage points from November, indicating increased demand concentration.

Figure 2: China's PV Glass Export Statistics in December 2024 (by Trading Partner)

Source: General Administration of Customs, SMM

Compared to November, China's exports to India in December reached 125,000 mt, up 59.64% MoM, accounting for 43.26% of total exports. The total export volume to India for 2024 was 1.105 million mt, accounting for 31% of the year's total exports. Exports to the US in December were 41,000 mt, up 10.51% MoM, accounting for 14.20% of total exports. The total export volume to the US for 2024 was 413,600 mt, accounting for 12% of the year's total exports. Exports to Indonesia in December were 21,900 mt, up 41.29% MoM, maintaining third place. The total export volume to Indonesia for 2024 was 136,900 mt, accounting for 4% of the year's total exports. Exports to Vietnam in December were 14,300 mt, up 2.14% MoM, accounting for 4.95% of total exports. The total export volume to Vietnam for 2024 was 528,700 mt, accounting for 15% of the year's total exports. Exports to Thailand in December were 7,600 mt, down 32.14% MoM, accounting for 2.64% of total exports. The total export volume to Thailand for 2024 was 297,100 mt, accounting for 8% of the year's total exports. Exports to Laos in December were 9,600 mt, up 146.15% MoM, accounting for 3.32% of total exports, with trade volume rising to fifth place.