Global PV Customs Data Analysis Report
Uncover country-level insights and supply chain dynamics across six key markets.
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| Author | Amy Fang |
| Updated | July 02, 2026 |
According to China customs data compiled by InfoLink, China exported 14.09 GW of PV modules in May 2026, marking significant declines both MoM and YoY. China's total module exports from January to May 2026 reached 110.78 GW, slightly up 5% YoY. Overall, May data reflects export adjustments after the April 1 cancellation of export tax rebates. After the rush exports in March and still-elevated shipments in April, module exports in May entered a phase of digesting earlier shipments and renegotiating prices.
China exported approximately 8.63 GW of cells in May 2026, down from April. From January to May, exports totaled about 53.80 GW, up roughly 49% YoY. Unlike module exports, which have cooled notably, cell exports still recorded stronger cumulative growth, suggesting that demand for local assembly remains an important theme of China’s export structure this year.
The five largest single-country markets for China’s module exports in May 2026 were the Netherlands, Pakistan, Australia, Spain, and Belgium, together accounting for 37% of the total export volume. By region, Europe remained the largest export destination in May at approximately 6.51 GW, followed by Asia-Pacific at 4.45 GW. The Americas, Africa, and the Middle East imported about 1.17 GW, 1.08 GW, and 0.87 GW, respectively. Overall, exports to these five major regions all declined from April, indicating a broad-based, synchronized shift toward more cautious global procurement following the removal of China’s export tax rebates.
Europe
In May 2026, China exported approximately 6.51 GW of PV modules to Europe. Despite a significant decline from April’s high level, Europe remained the primary export destination. From January to May, exports totaled around 45 GW, still up YoY. In May, the Netherlands was the largest entry point at approximately 2.55 GW, followed by Spain, Belgium, Slovenia, and France.
The May decline in Europe was primarily driven by inventory drawdown following earlier stockpiling, rather than a broad demand slowdown. Going forward, focus should be on EU industrial protection policies, local manufacturing requirements, and progress in grid integration and storage deployment in high-penetration European markets.
Asia-Pacific
In May 2026, China exported approximately 4.45 GW of PV modules to Asia-Pacific, a decline from April, while the region remained the second-largest destination for China’s module exports. Pakistan led with about 0.83 GW, followed by Australia at 0.69 GW, with Thailand, the Philippines, and Japan trailing.
Although the Asia-Pacific market weakened in May, demand within the region remained mixed. Pakistan maintained a certain level of procurement, reflecting continued resilience in distributed and C&I demand. Mature markets like Australia and Japan were stable. Southeast Asia declined from its March peak, but markets such as the Philippines remained supported by rising electricity prices and supply constraints, warranting close monitoring.
Americas
In May 2026, China exported approximately 1.17 GW of PV modules to the Americas, down significantly from April. Brazil remained the largest market at around 0.39 GW, followed by Mexico, Colombia, Chile, and the U.S.
Overall recovery in the Americas has been weak this year. While Brazil continues to lead the region, procurement slowed in May. In the U.S., trade barriers, traceability requirements, and localization policies continued to constrain China’s direct module exports to the market.
Middle East
In May 2026, China exported approximately 0.87 GW of PV modules to the Middle East, the lowest among the five major regions. Key importers were Saudi Arabia, Israel, and Jordan.
Following strong exports in January and February driven by utility-scale project progress, export volumes declined significantly in May. Given the region’s reliance on utility-scale and Independent Power Producerx (IPP) projects, procurement is highly sensitive to project timelines, construction cycles, and customs processes. Attention should focus on whether major projects in Saudi Arabia, the UAE, and other markets resume concentrated deliveries in 2H26.
Africa
In May 2026, China exported approximately 1.08 GW of PV modules to Africa, down significantly from the high levels in March–April. However, cumulative exports reached about 10.89 GW from January to May, still reflecting strong YoY growth and making Africa the fastest-growing region during this period. In May, South Africa led with around 0.33 GW, followed by Nigeria, Egypt, Kenya, and Algeria.
The May decline largely reflects the market working through earlier shipments in the short term, while cumulative volumes still indicate sustained structural demand. Electrification needs, off-grid projects, and energy cost pressures remain the core drivers supporting Africa’s medium- to long-term PV demand.
Cell exports
In May 2026, China exported approximately 8.63 GW of PV cells, declining from April peak. By region, exports were heavily concentrated in Asia-Pacific at about 5.81 GW (67% of total), followed by Africa at 1.37 GW and the Americas at 0.83 GW.
By single country, Indonesia led with approximately 2.96 GW, followed by India at around 1.02 GW, then the U.S., the Philippines, and Thailand. Indonesia remained the largest destination for Chinese cell exports, underscoring Southeast Asia’s reliance on Chinese cells. In contrast, India is expected to reduce imports following the implementation of ALMM List-II, with effects already evident in late June.
Policy and market dynamics in May
May marked the first full month of adjustment following China’s April 1 cancellation of export tax rebates for PV products. The policy is expected to normalize prices outside China, curb aggressive low-price competition, and reduce trade friction risks. This aligns with our view that Q2 would shift toward inventory drawdown and price renegotiation.
The sharp decline in China’s export volumes in May should not be viewed solely as a sign of weakening end demand. Instead, it reflects three factors: the pull-forward of Q2 demand due to pre-March shipment acceleration ahead of the country’s tax rebate changes; continued in-transit shipments and customs clearance sustaining April volumes; and the onset of higher supplier costs, renewed price negotiations of non-Chinese buyers, and channel destocking in May.
After May, regional divergence has become more pronounced. In Europe, beyond price acceptance, challenges persist in grid integrationj, negative electricity pricing, and storage deployment amid high PV penetration. Asia-Pacific demand remains supported by markets such as Pakistan, the Philippines, and Australia, with rising electricity costs and supply pressures driving rooftop PV growth in the Philippines. Although Africa has eased from March–April peaks, electrification needs, off-grid demand, and energy cost pressures continue to underpin medium- to long-term demand. Overall, May marked a key inflection point in market repricing following the removal of export tax rebates. The key question ahead is whether non-China markets will accept the resulting cost-passthrough.
