China's exports of solar cells continued to expand on a year-over-year basis in April, despite the government's recent removal of an export tax refund. Customs figures published on Monday show the country shipped 1.34 billion solar cells abroad in April, with the total value recorded at $3.12 billion compared with the same month a year earlier.
Measured against the previous month, April activity eased. China moved 1.34 billion cells in April, down from 1.71 billion in March. In raw weight terms, exports in April amounted to 1.16 million metric tons, below March's record level of 1.78 million tons.
Analysts cited demand from Southeast Asia and Africa as the primary drivers of the April shipments. They also pointed to a timing effect tied to policy change: March's unusually large totals were attributed in part to front-loading, with buyers accelerating imports to secure equipment before the government discontinued the export tax refund program on April 1.
The customs administration has signaled it will publish country-specific export data on Wednesday, which should offer more detail on destination markets and the geographic distribution of the April shipments.
Contextual notes
- Customs data was released on Monday and shows a 60% year-on-year increase in April cell shipments.
- April saw 1.34 billion cells exported, valued at $3.12 billion; these figures likely understate growth in energy output because advances in photovoltaic technology can raise power generation per cell.
- Monthly and tonnage figures fell from March highs - April exports were 1.16 million metric tons versus March's 1.78 million tons - and the month-on-month cell count dropped from 1.71 billion in March to 1.34 billion in April.
What to watch next
Market participants will be looking for the upcoming country-specific customs release on Wednesday to see how shipment flows were distributed across markets. That breakdown will clarify the role of buyers in Southeast Asia and Africa in sustaining April's year-on-year growth.