The General Administration of Customs has recently reported import and export figures for inverters in August 2023. Inverter exports in that month reached 4.0209 million units, down 4.8% YoY but up 3.1% MoM. Conversely, inverter imports totaled 161,300 units, down 15% YoY and 19.5% MoM. The cumulative export volume from January to August 2023 was 37.5084 million units, up 24.63% YoY.
For the province of Guangdong, the export volume of inverters was 1.505 million units, down 14.93% YoY and 9.98% MoM. Major exporters included Huawei TECHNOLOGIES Co., Ltd., Shenzhen GROWATT ENERGY Technology Co., Ltd., Shenzhen Sofarsolar Co., Ltd., Shenzhen Kstar Science & Technology Co., Ltd., and Shenzhen Hopewind Electric Co., Ltd. The persisting decrease in exports could be due to an oversupply of industrial and residential inverters overseas.
In the province of Zhejiang, the export volume of inverters was 1.7348 million units, up 19.43% YoY and up 28.24% MoM. Leading exporters included Ginlong Technologies Co., Ltd., Ningbo Deye Frequency Conversion Technology Co., Ltd., Hoymiles Power Electronics Inc., Yuneng Technology Co., Ltd., and SolaX Power Network Technology (Zhejiang) Co., Ltd. The substantial growth hints at a recovery in the export of residential and micro inverters.
In Jiangsu province, the inverter export volume was 230,500 units, down 19.44% YoY, yet up 10.35% MoM. Major exporters included GoodWe Technologies Co., Ltd., Sineng Electric Co., Ltd., and AISWEI Technology Co., Ltd. The YoY drop slowed down, and the MoM growth rate shifted from negative to positive.
In Anhui province, the export volume of inverters stood at 99,800 units, up a remarkable 116.05% YoY, but down 7.78% MoM. The main exporters were Sungrow Power Supply Co., Ltd. and Gudewei Power Technology (Guangde) Co., Ltd.
In August 2023, inverters were exported to 182 countries and regions. Europe received 951,500 units, making up 23.7% of total exports, down 15.85% MoM. Africa, with 1.1244 million units, accounted for 28% of total exports, up 49.1% MoM. The top ten countries in terms of export volume received 1.8021 million units, constituting 44.82% of total exports.
The top five destinations for inverter exports in August 2023 were the Netherlands, the United States, Germany, Senegal, and Australia. Exports to the Netherlands were 395,700 units, down 27.58% MoM and 38.56% YoY. Exports to the United States were 334,700 units, down 9.08% MoM and 30.79% YoY. Exports to Germany were 188,000 units, down 17.29% MoM and 3.5% YoY. Conversely, Exports to Senegal were 167,900 units, up 84.87% MoM and 308.26% YoY. Australia received 133,600 units, up 52.15% MoM and 19.89% YoY.
The Netherlands, the United States, and Germany remain key inverter export markets. Meanwhile, markets such as India, Australia, and Brazil are seeing growth, largely due to rising demand for PV installations. Australia, given its affordable residential and commercial photovoltaic systems and robust installed activity, relies on Chinese photovoltaic product imports due to supply chain constraints.
Exports to Europe, including those to key photovoltaic markets like the Netherlands and Germany, have been declining, indicating persistent inventory pressure. The slowdown in demand during the European holidays in July and August, an off-peak period for PV installations, has resulted in slower inventory reduction. However, with the end of summer holidays and the approaching peak season of PV installation, the backlog of inventory should decrease. Consequently, export volumes to Europe are expected to gradually recover.
August saw a substantial rise in inverter exports to Africa, with five African countries - Senegal, South Africa, Tanzania, Mozambique, and Togo - among the top ten export destinations. Due to energy concerns, African nations are rapidly establishing photovoltaic industries. As the number of microgrid and off-grid photovoltaic storage projects grows, demand for photovoltaic and energy storage inverters increases. Despite a slowdown in South African imports due to improved power supply, Africa, heavily reliant on overseas imports, particularly from China, the largest inverter producer, is expected to remain a key inverter export market.
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