Inverter export volume in March 2024 grew at a positive rate month-on-month, and shipments in the Asian market improved [SMM Analysis]

Recently, the General Administration of Customs released the import and export data of inverters in March 2024. According to the customs data: In March 2024, the export volume of inverters was 3.3303 million units, a year-on-year decrease of 43.7% and a month-on-month increase of 8.6%; the import volume was 170,900 units, a year-on-year decrease of 10.5% and a month-on-month increase of 29.7%. From January to March 2024, China’s inverters exports totalled 10.325 million mt, a drop of 30.8% year-on-year.
From the perspective of export countries, inverters were exported to 181 countries and regions in March 2024. A total of 610,800 units were exported to Europe, accounting for 18.3%, an increase of 22.8% month-on-month. A total of 619,400 units were exported to Africa, accounting for 18.6%, a decrease of 25.8% month-on-month. The top ten exporting countries exported a total of 1.5588 million units, accounting for 46.8%. The top five countries in terms of export trade volume are the Netherlands, Brazil, Singapore, Pakistan and the United States. In March, the Netherlands' export trade volume was 276,500 units, up 51.6% from the previous month and down 61.5% from the previous year; Brazil's export trade volume was 201,500 units, down 0.6% from the previous month and up 52.3% from the previous year; Singapore's export trade volume was 186,400 units, down 0.2% from the previous month and up 21.6% from the previous year; Pakistan's export trade volume was 184,800 units, up 4.2% from the previous month and down 1% from the previous year; the United States' export trade volume was 154,400 units, down 13.6% from the previous month and down 62% from the previous year.
In March 2024, the month-on-month growth rate of inverter exports turned from negative to positive. Europe, the main export market, saw a month-on-month increase in both units and value. According to SMM, overseas inventory pressure has emerged since the middle of last year and has lasted for nearly a year. Currently, inventories have gradually bottomed out and are showing signs of recovery. Europe still has some inventory accumulation problems, which somehow limits the growth rate of shipments. European distributors usually maintain 1-2 months of inventory turnover, but European market demand is affected by high interest rates, orders are volatile, and there is still uncertainty about future trends. Inverter companies mostly adopt a production strategy based on sales. The African market's month-on-month growth rate continued to decline slightly due to a decrease in shipments of South Africa. In the Asian market, the demand for photovoltaics in Southeast Asia, India, the Middle East and other regions increased significantly, supporting export volume. Due to power outages and power shortages in Pakistan, the demand for new energy power generation has increased dramatically. The sharp drop in module prices has highlighted the economic benefits of photovoltaic power generation. In addition to the government's target planning for photovoltaic deployment, the demand for household distributed photovoltaic installations is also increasing.