(Yicai) Aug. 4 -- Chinese photovoltaic panel exports declined 3 percent in June from the previous month, mainly because of shrinking demand from the Asia-Pacific region, according to a report by InfoLink Consulting.

China exported about 21.7 gigawatt of solar panels in June, down 3 percent from May and 2 percent from a year earlier, according to the report released by the Chinese market research and consulting firm engaged in the renewable energy and technology industries on Aug. 1.

Exports to Asia-Pacific plunged 19 percent and to Europe fell 2 percent in June from the previous month, while those to the Middle East jumped 12 percent and to the Americas and Africa grew around 5 percent.

The top five single-country destinations for Chinese solar panel exports were the Netherlands, Saudi Arabia, Pakistan, the United Arab Emirates, and Greece in June, which accounted for about 34 percent of the total.

In the first half of the year, China exported around 127.3 GW of solar panels, down 3 percent from a year earlier, according to the report. Europe accounted for about 40 percent of the export volume in the period.

Traditional export markets have become saturated this year, so solar panel makers are expanding into new markets, InfoLink Consulting noted, adding that it is evident that smaller Southeast Asian and African countries are investing in solar project development. The African market experienced a strong growth rate in the first half of the year.

For the third quarter, there are several factors that could affect Chinese PV panel exports, possibly prompting customers to engage in advanced procurement and restocking early on, InfoLink Consulting predicted. They are adjustments to China’s tax rebate policies for export projects, a slight increase in module prices due to policy changes in China, and the depletion of older inventory in some overseas markets.

Editor: Futura Costaglione