S. Korea's solar power industry export logs double-digit growth in 2022

South Korea's solar power industry export logged a double-digit growth last year due to surging demand for locally-made solar panels, government data showed Thursday.

Outbound shipment of solar modules, cells and other items advanced 38.0 percent over the year to 1.65 billion U.S. dollars in 2022, according to the Ministry of Trade, Industry and Energy.

Import of the solar power components gained 4.0 percent to 1.23 billion dollars, sending the trade surplus to 0.42 billion dollars in the sector.

Export for solar modules more than doubled to 1.55 billion dollars last year compared to the previous year.

Shipment for solar cells plunged 92.2 percent to 28.5 million dollars, while exports for solar wafers, polysilicon and ingot retreated 32.2 percent to 71.4 million dollars.

The ministry said local companies expanded the export of high-value solar panels, noting that demand gained for renewable energy amid the continued geopolitical risks in Europe.