China is expected to set another monthly export record

China's exports of photovoltaic products hit another record high in July, according to Bloomberg New Energy Finance data going back to 2019. This brings total pv exports in the first half of 2022 to $23.8 billion, involving about 90GW of products.

About $11.7 billion (42 gigawatts) of those products were exported to the EU and the rest of Europe, more than the 36 gigawatts of new PV capacity Bloomberg New Energy Finance expects to be installed in the region. The discrepancy suggests that either Bloomberg New Energy Finance's forecasts for Europe are misguided, or inventories are piling up as capacity is expected to be limited only by the capacity of installers. The most likely explanation is that both factors contribute. It is worth mentioning that China's domestic PV market is also booming.