KUALA LUMPUR, Aug 7 — Malaysia recorded an 88 per cent increase in photovoltaic (PV) cell exports to India valued at RM4.65 billion in 2024 versus RM2.47 billion in 2023, said the Investment, Trade and Industry (Miti).

In a written reply on the Dewan Rakyat portal, Miti said through the Malaysia International Halal Showcase’s (Mihas) Greentech category and the involvement of local solar companies, Malaysia has also identified the United Arab Emirates and Saudi Arabia as potential export markets.

This is to counter the decline in PV cell exports to the United States (US) market, it said.

“Miti acknowledges that the US is the largest market for PV cells. Exports to the US started to decline even before it introduced “reciprocal tariffs. The decline started when the US ended the solar product tax exemption for South-east Asian countries in June 2024.

“The US had granted tax exemptions for solar PV cell imports from Malaysia, Thailand, and Vietnam from June 7, 2022, to June 6, 2024, to boost its solar industry,” Miti said in respond to a question from Datuk Seri Sh Mohmed Puzi Sh Ali (BN-Pekan) on the latest export figures and the main importing countries of solar panels from Malaysia.

He also asked what measures the ministry is taking to ensure that export volume and revenue of local solar manufacturers are not severely affected if the US imposes import tariffs on solar panel products.

Based on Malaysia External Trade Development Corporation (Matrade) data, 2024 PV cell exports in the form of modules and panels totalled RM11.2 billion.

Of this, RM5.05 billion, or 45 per cent, was exported to the US; RM3.69 billion, or 33 per cent to India; RM1.34 billion or 12 per cent to Vietnam, and the remaining 10 per cent to Pakistan, Ukraine, Türkiye, the Philippines, South Korea and Argentina.

Miti has also held several engagement sessions with related ministries such as the Finance Ministry and the Energy Transition and Water Transformation Ministry to introduce policies that support the local industry, such as a localisation policy by setting quotas for local goods in domestic projects. — Bernama