China is by far the largest exporter of solar panels to the European Union, accounting for 98% of all EU imports in 2023, new data from Eurostat has shown.
The EU imported €19.7 billion worth of solar panels from extra-EU countries last year, with imports of solar panels up 5% in volume terms, but down 12% in value terms due to lower prices.
In terms of wind turbines, India (59%) and China (29%) accounted for the majority of EU imports, while China led the way when it came to biofuels, with 36%, followed by the United Kingdom with 13% and Brazil with 12%.
The EU imported €3.9 billion worth of liquid biofuels last year – a 22% drop in value imports, and a 2% decline in volume – and €0.3 billion worth of wind turbines, down 66% in value and 68% in volume terms.
Green energy exports
On the export front, the EU sent €0.9 billion worth of solar panels, €2.2 billion in liquid biofuels, and €2.0 billion in wind turbines to global markets, Eurostat noted.
Wind turbine exports experienced the largest growth, with a 49% increase in value and a 26% rise in quantity from 2022 to 2023. Solar panel exports also rose significantly, with a 19% increase in value and a 37% rise in quantity, while liquid biofuel exports saw a notable 36% rise in value and a 63% increase in quantity, driven by stronger demand for larger volumes. More information can be found here.
China leads the way
A recent report by the IEA found that China is projected to account for nearly 60% of all renewable energy capacity installed worldwide by 2030.
The IEA’s latest renewable energy report reveals that renewable energy projects will be developed at three times the pace of the previous six years, primarily driven by initiatives from China and India.
As Fatih Birol, the executive director of the IEA, was quoted by The Guardian as saying, “If I could sum this [trend] up in two words they would be: China, solar.”
