Inverter exports increased by 20.6% year-on-year, with a significant increase in demand from Southeast Asian countries

Recently, the General Administration of Customs released the import and export data of inverters in June 2023. According to the customs data:

In June 2023, the export volume of inverters was 4.9605 million, a year-on-year increase of 20.6% and a month-on-month increase of 3.8%; the import volume was 166,400, a year-on-year decrease of 19% and a month-on-month increase of 15.6%. The cumulative export volume from January to June 2023 was 29.5893 million, a year-on-year increase of 40.4%.

By province, Guangdong exported 1.5272 million units, up 18.9% year-on-year. Major companies included Huawei, Growatt, Sofar New Energy, KSTAR, and Hopewind.

Zhejiang exported 1.5502 million units, up 15.4% year-on-year. Major companies include Jinlong, Deye, Homa, APEC, and Aero.

Jiangsu exported 292,400 units, down 25.3% year-on-year. Major companies include GoodWe, Sineng Electric, and AISWEI;

Anhui exported a total of 43,000 units, a year-on-year increase of 159.4%. The main companies were Sungrow Power Supply's domestic base and GoodWe's Guangde factory.

From the perspective of export countries, inverters were exported to 183 countries and regions in June 2023.

A total of 1.1235 million units were exported to Europe, accounting for 22.65%, a decrease of 0.78% from the previous month.

A total of 1.0841 million units were exported to Africa, accounting for 21.85%, a decrease of 8.85% from the previous month.

The top ten exporting countries exported a total of 2.6803 million units, accounting for 54.03%.

The top five countries in terms of export trade volume are Vietnam, the Netherlands, the United States, Germany and South Africa.

In June, Vietnam's export trade volume was 532,900 units, up 945.3% from the previous month and 802.7% from the previous year.

The export trade volume of the Netherlands was 466,000, a decrease of 2.6% from the previous month and an increase of 445% from the previous year;

The export trade volume of the United States was 391,100 units, a month-on-month increase of 15.6% and a year-on-year decrease of 20.9%;

Germany's export trade volume was 257,500, a month-on-month increase of 14.4% and a year-on-year increase of 35%;

South Africa's export trade volume was 228,600 units, a decrease of 26.1% from the previous month and an increase of 279.4% from the previous year.

Overall, the export data in June increased slightly from May, and the major export countries are still familiar trading partners. The demand for photovoltaic grid connection in Europe, the United States, Africa and Southeast Asia mainly drives the export volume of inverters.

Europe's exports were slightly affected by high inventory. Although Africa's export volume fell slightly month-on-month, South Africa's import demand remained unchanged.

It is worth noting that in June, export trade volume to Southeast Asian countries showed rapid growth.

Among the four Southeast Asian countries, Vietnam, Malaysia and Thailand are among the top ten exporters, with a total export volume of 841,200 units, up 231.7% from the previous month. In particular, Vietnam's export trade volume has increased significantly.

Since the end of May, Vietnam has experienced rare high temperatures, which has caused a surge in residents' electricity demand and widespread power outages in many places. Vietnam's energy supply has been unable to keep up with the increased demand from the industry, and many factories have suffered serious power outages and stopped production.

In order to solve Vietnam's power shortage problem in a long-term and stable manner, Vietnam has decided to actively establish and develop renewable energy power systems such as centralized photovoltaic power stations and rooftop distributed photovoltaics.

Vietnam's increased demand for photovoltaics is expected to continue to drive an increase in inverter exports.