November 2024 Inverter Exports Declined in Both Volume and Value, Cumulative Exports Turned Positive YoY [SMM Analysis]

Recently, the General Administration of Customs released the import and export data for inverters in November 2024. According to the data:

In November 2024, inverter export volume reached 4.0443 million units, up 6.4% YoY, down 8.9% MoM; import volume was 175,000 units, down 40.2% YoY, up 33.3% MoM. From January to November 2024, cumulative export volume totaled 48.5256 million units, up 0.4% YoY.

By province:

Zhejiang's cumulative exports reached 1.8867 million units, up 14.2% YoY, down 10% MoM, with major companies including Ginlong, Deye, Hoymiles, APsystems, and Solax.

Guangdong's cumulative exports reached 1.1177 million units, up 2.4% YoY, down 20% MoM, with major companies including Huawei, Growatt, Sofar, Kstar, and Hopewind.

Jiangsu's cumulative exports reached 322,600 units, up 12.6% YoY, up 16.5% MoM, with major companies including GoodWe, Sineng Electric, and Aiswei.

Anhui's cumulative exports reached 67,400 units, up 40.3% YoY, up 4.2% MoM, with major companies including Sungrow's domestic base and GoodWe's Guangde factory.

By export destination, in November 2024, inverters were exported to 193 countries and regions. Exports to Europe totaled 651,000 units (16.1%), down 12.9% MoM. Exports to Africa totaled 1.0932 million units (27%), down 7.2% MoM. Exports to the Middle East totaled 386,000 units (9.5%), down 27% MoM. Exports to Asia totaled 1.3652 million units (33.8%), down 10.4% MoM. The top 10 countries accounted for a total export volume of 1.491 million units (36.9%).

The top five countries by export trade volume were the US, Tanzania, Brazil, Senegal, and the Netherlands. In November, exports to the US were 369,000 units, down 34% MoM, up 25.9% YoY; exports to Tanzania were 169,600 units, up 30.6% MoM, up 33.7% YoY; exports to Brazil were 157,700 units, up 2% MoM, up 60.5% YoY; exports to Senegal were 137,300 units, down 25.6% MoM, up 54.2% YoY; exports to the Netherlands were 136,600 units, down 28.4% MoM, down 41.3% YoY.

As of November, the YoY growth rate of inverter export volume in 2024 turned positive compared to the same period in 2023. However, in November, inverter exports declined in both volume and value. In Europe, due to the year-end Christmas holiday and the onset of winter, the progress of residential or commercial projects slowed, significantly weakening the demand for PV energy storage installations. In the US, Q4 is the peak period for grid connection of ground-mounted power plants. Stimulated by module-side policies, the US accelerated installation deployment by year-end, driving demand for inverter imports, with centralized inverters dominating. In the Asian market, demand in countries like Vietnam, Japan, and South Korea showed some recovery, but the year-end remained a sluggish period. Exports to India declined again MoM in November, but value increased. Year-end Q4 and Q1 of the following year are peak periods for rush installations of ground-mounted power plants in India, with centralized inverters being the main demand. The African and Latin American markets were the main drivers in November, with exports to Africa growing by 27% MoM and the penetration rate of residential PV energy storage deepening.