Summary:
According to the forecasts by the International Energy Agency (IEA), solar photovoltaic (PV) is set to become the largest renewable source in the near future.[1] The rising adoption of solar PV technology drives the global trade of relevant products. While China remains the dominant player, ASEAN has emerged as a major exporter of solar PV modules, which are essential components of solar PV systems.
To illustrate the flow of solar PV module exports from ASEAN member states (AMS) to major destination markets, we present a Sankey diagram mapping trade values in 2023 by exporter (left side) and importer (right side).
Among all AMS, Vietnam led in the exports of solar PV modules in 2023, followed by Thailand, Malaysia and Cambodia. The United States (US) was the top destination market for all of the above major ASEAN exporters. Notably, Cambodia and Thailand sold over 97% of their solar PV modules to the US, while for Malaysia and Vietnam, the US accounted for more than 80% of their exports.
ASEAN’s heavy reliance on the US market exposes its solar PV industry to significant risks. A recent example was the US’s announcement of the antidumping and countervailing duties (AD/CVD) on the solar cells and modules from leading ASEAN exporters.[2]
To mitigate risks from heightened US tariffs and support sustainable growth, it is imperative for the ASEAN exporters to diversify their destination markets.
Highlights:
1. In 2023, ASEAN accounted for 17% of the world’s total exports of solar PV modules, ranking second after China (69%).
2. Vietnam, Thailand, Malaysia, and Cambodia were the primary ASEAN exporters of solar PV modules, with the US being their dominant export destination.
3. Amid dim prospects driven by the increasingly restrictive US trade policies, ASEAN exporters are urged to diversify their markets to cushion the upcoming shocks.
[1] International Energy Agency (IEA). n.d. “Solar PV.” IEA. Accessed May 9, 2025. https://www.iea.org/energy-system/renewables/solar-pv.
[2] The International Trade Administration, U.S. Department of Commerce. n.d. “Final Affirmative Determinations in the Antidumping and Countervailing Duty Investigations of Crystalline Photovoltaic Cells Whether or Not Assembled into Modules from Cambodia, Malaysia, Thailand, and the Socialist Republic of Vietnam.” Accessed May 9, 2025. https://www.trade.gov/final-affirmative-determinations-antidumping-and-countervailing-duty-investigations-crystalline.
Article & Graphic By YAN, Bowen
ACI Perspectives 