EU Green Energy Trade 2024: Surge in Wind Turbine Imports, Solar Panel Prices Drop, and Shifting Global Supply Partnerships

In 2024, the European Union (EU) imported nearly €14.6 billion worth of green energy products from non-EU countries, with solar panels, liquid biofuels, and wind turbines accounting for the bulk of imports, according to Eurostat data.

Import Trends

• Solar panels: €11.1 billion, down 43% from 2023 due to falling prices, although the total weight of imports rose slightly by 2%.
• Liquid biofuels: €2.9 billion, a 25% decrease in value.
• Wind turbines: €0.5 billion, more than doubling in value (102%) and increasing 113% in weight, with 32,373 turbines imported, up 9,072 units from 2023.

Export Performance

The EU exported €0.7 billion in solar panels, €1.8 billion in liquid biofuels, and €2.8 billion in wind turbines. Wind turbine exports notably exceeded imports, with 17,180 units exported, an increase of 7,434 units compared to 2023. Exports of wind turbines rose 41% in value and 28% in weight, while solar panel exports fell 22% in value but increased 24% in weight, and biofuel exports declined both in value (-18%) and weight (-7%).

Key Trade Partners

China remained the dominant supplier of solar panels, accounting for 98% of EU imports, though total import value dropped from €19.0 billion in 2023 to €10.9 billion in 2024. For liquid biofuels, China led with a 24% share, followed by Malaysia (15%), the United Kingdom (13%), and Brazil (12%). Wind turbine imports were primarily from India (48%) and China (43%), with China increasing its share from 31% and India’s share declining from 58% year-on-year.

Insights

The data reflects the EU’s ongoing green transition, with strong demand for wind technologies and adjustments in solar and biofuel trade due to global price shifts. The trends highlight the importance of diversified sourcing, competitiveness in wind turbine manufacturing, and strategic management of import and export balances to support the EU’s renewable energy objectives.