SMM detailed analysis: China’s inverter exports spiked in November 2023, driven by strong demand from Africa, the Middle East, and Latin America

The Customs Administration's recent report shows November 2023 inverter import-export data.
November 2023 saw 3.8 million inverters exported, down 30% YoY but up 22.2% MoM; imports were 292,500 units, up 3% YoY and 28.8% MoM. Year-to-date exports totaled 48.3 million units, up 7.5% YoY.
By province, Guangdong's exports hit 1.09 million units; down 45.4% YoY but up 5.9% MoM. Key contributors were Huawei, Growatt, SOFARSOLAR, KSTAR, and Hopewind.
Zhejiang's exports were 1.65 million units, down 24.45% YoY drop but up 22.1% MoM. Main firms were Ginlong, Deye, Hoymiles, Yuneng, and Ailuo.
Jiangsu exported 286,500 units, up 30% YoY and 16.7% MoM, led by GoodWe, Sineng Electric, and AISWEI.
Anhui's exports were 48,000 units, down 56.8% YoY and 2.5% MoM, mainly from Sungrow Power and GoodWe's Guangde plant.
Exports from major inverter provinces grew or stabilized MoM. SMM reports residential PV and energy storage inverter stockpiles in Europe continue to rise, pressuring inventory reduction. Top-tier firms manage stocks and secure new orders well, while others face shipment delays. Year-end saw some firms cut residential model export prices for inventory clearance. Commercial and centralized model demand stayed strong, with Q3 stock nearly cleared. From October, new orders organized and shipments smoothed. Southern Hemisphere summer in Q4 boosted distributed PV projects, lifting inverter demand and domestic export volumes.

In terms of the export destinations, in November 2023, inverters were exported to 183 countries. Europe received 767,600 units (20.2% of total, up 42.2% MoM); Africa got 943,600 units (24.8%, up 26.2% MoM). The top ten countries accounted for 1.52 million units, 39.9% of total exports.
The top five export countries were the US, Netherlands, Togo, Australia, and Germany. November exports were: US, 285,100 units (up 0.4% MoM, down 40.2% YoY); Netherlands, 232,600 units (up 50.12% MoM, down 71.8% YoY); Togo, 147,500 units (up 48.2% MoM, up 206.9% YoY); Australia, 134,400 units (up 19.3% MoM, up 3.6% YoY); Germany, 131,500 units (up 29% MoM, down 52.9% YoY).

In November in Europe, the Netherlands and Germany, two major photovoltaic importers, saw monthly growth but continued annual declines. Although the channel inventory of residential PV and energy storage inverters is still being digested, the commercial products of inverter companies are gradually increasing in volume. Top inverter firms report a small MoM uptick in Q4 orders. Commercial and centralized PV inverter and energy storage converter shipments have increased MoM with stable prices. Residential model stock clearance in Europe is slow; optimistically, it may ease by next Q1, but could extend to mid or late next year.
In November, emerging economies spurred export growth, with Africa, Latin America, the Middle East, and Asia seeing notable import jumps. Key contributors were Togo, Singapore, Brazil, UAE, and Senegal. The Southern Hemisphere's summer and longer daylight hours aid PV project progress.
African energy departments are planning renewable projects, including rural micro-grids and urban ground stations. In November, Togo, Cameroon, and Senegal doubled their imports; South Africa and Kenya maintained stable MoM. Inverter demand in these areas is poised for continued high growth.
In the Middle East, the UAE, Pakistan, and Yemen each imported over 80,000 units. The UAE's 2050 carbon reduction and world's largest PV plant construction upped demand for Chinese PV products. Pakistan's rapid PV station development, including N-type projects, is driven by load shedding and high electricity costs, indicating significant potential for PV market growth in the region next year.