China's solar panel exports reach record levels in March due to Africa and Southeast Asia

China's solar panels exports reached a new record in March, according to data from China's customs and industries. Southeast Asia and Africa stocked up ahead of anticipated price increases, and the fallout of the Iran war also boosted demand.

Exports of panels jumped 42.2% in March to reach 1.75 million metric tonnes, which is equivalent to 13.3% in 2025. Chinese customs data revealed that the shipments had a value of $3.61 billion. This was up 67% compared to a year ago and 125% compared to February.

Analysts said that countries in Southeast Asia and Africa rushed into importing panels to avoid price hikes due to China ending its export tax rebates on April 1. The surge was amplified by the disruption of energy supplies caused by the 'U.S./Israel war against Iran.

"Silver costs have fallen from their highs in January, which has helped to increase production, and meet demand before a price hike from April," said Marius Mordal Bakke who is the head of solar research at Rystad Energy. Investors bet on renewable energy stocks, the leading maker of solar gear in China. They expect that the war would boost demand for renewables.

Jing Yang, director of Fitch Ratings, expects China's exports of solar energy to fall significantly from March to April, but added that 2026 exports may be supported by increased demand due to "higher oil prices and concerns about energy security."

S&P had predicted in February that China's solar exports for 2026 would be flat to slightly down from 2025 due to a weaker global demand prior the Iran War.

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Import duties on Chinese panel in countries such as India and the U.S. has blunted demand, and shifted flows to markets like Southeast Asia and Africa.

Yang stated that "the structural change in China's exports of solar products has been an on-going trend. This is against the backdrop of increasing overseas manufacturing capacity for solar modules because of rising U.S. tariffs against Chinese solar products."

Southeast Asia's imports in March jumped by 267% on an annual basis and 203% since February, reaching $673.3 Million. Africa's imports for March soared by 238% on an annual basis and 211% over February to $438.28 Million.

Imports from the Philippines, which aims to increase solar capacity faster through 2030, almost quadrupled in value over a year ago, reaching 109,513 tonnes valued at $228 millions.

In Africa, the Democratic?of Congo saw its March shipments soar to?21.370 tons valued at $62.73 millions from only 1,352 tonnes a year ago.

Ashuza Achille is the head of business development for Kinshasa's GoShop Energy. He said that he had stockpiled in anticipation of a price increase expected in China, to meet the increasing demand of?small businesses? and rural residents. He said that the number of resellers purchasing solar panels has risen to 1,000, up from 80 in 2020.

I also have customers who come from Brazzaville, Republic of Congo. They go across the border to pick up solar panels, and then return to their project. (Reporting and editing by Alexandra Hudson in Singapore, Sam Li in Beijing.

(source: Reuters)