Korea's Solar Module Exports Rebound in 2022

The Ministry of Trade, Industry and Energy announced on Feb. 9 that South Korea’s solar power generation-related exports and imports totaled US$1.64 billion and US$1.23 billion last year, respectively.

Specifically, photovoltaic module exports increased 113.7 percent to US$1.55 billion and imports decreased 20.6 percent to US$270 million. Cell exports and imports decreased 92.2 percent to US$30 million and increased 18.2 percent to US$360 million, respectively.

According to the ministry, South Korean companies in the industry are expected to substantially increase their global capacity and intermediate goods exports by increasing capital expenditures with regard to the U.S. Inflation Reduction Act.

For example, Hanwha Solutions is planning to increase its ingot, cell and wafer production capacities by 3.3 GW each while operating more module production facilities. Mission Solar Energy is planning to increase its module production capacity to 1 GW, too.