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SHENZHEN: China’s solar module exports were 58 gigawatts in the first three quarters of the year, compared to 41.6 GW for the whole of 2018, with manufacturers turning overseas after a slowdown in new domestic projects, an industry association said on Thursday.

Wang Bohua, the vice-chairman of the China Photovoltaic Industry Association, told a conference that the total value of the country’s solar component exports hit $17.74 billion over the first three quarters of 2019 and could exceed $20 billion for the whole of the year.

China’s decision to slash subsidies for new solar projects has caused a decline in new projects. Wang said new capacity additions were 16.99 GW in the first three quarters of 2019, down significantly from a year ago.