SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s exports of solar panels and other related parts jumped 38 percent on-year in 2022 on the back of major nations’ push to expand renewable energy development, the industry ministry said Thursday.
Outbound shipments of solar panels, solar cells, solar wafers and other items combined came to US$1.64 billion last year, compared with $1.19 billion a year earlier, according to the Ministry of Trade, Industry and Energy.
Imports grew 4 percent on-year to $1.23 billion, leading to a trade surplus of $410 million, it added.
Exports of solar panels more than doubled on-year to $1.55 billion, while those of solar cells sank 92.2 percent to $28.5 million, the data showed.
The ministry said South Korean firms’ global production capacity is expected to grow on the back of their growing investment in the United States, in particular, over the U.S.’ Inflation Reduction Act (IRA), which will boost the country’s exports of cells and other intermediate goods.
“Demand for solar modules and other items in the value chain has grown as countries have sought to achieve net-zero goals and to expand renewable energy development in the wake of the Russia-Ukraine war, among other issues,” a ministry official said.
“The government will extend support for the development of next-generation tandem solar cells and various research projects to secure advanced technologies,” he added.