Trina Solar is a world giant in solar technology and manufacturing. Ranked among the “Top 500 private enterprises in China”by the All-China Federation of Industry and Commerce in 2020, Trina Solar is a leading global provider of smart energy and renewable energy, specialising in photovoltaic (PV) solar energy.
Servicing customers from California to Catalonia, Trina Solar manages its entire supply chain, end-to-end. The organisation’s specialised products include PV modules, brackets and energy storage products. Trina Solar’s impact is far-reaching, with clients all over the world. For example, in 2016, it installed the largest airport solar scheme in Australia, reducing its energy consumption and carbon emission by almost 10%.
Founded in 1997 and listed on the Shanghai Stock Exchange in 2020, Trina Solar has delivered more than 66 GW of solar modules worldwide. Dubbed Bloomberg New Energy Finance’s top bankable module supplier for five years running, Trina Solar’s replenishment volume ranked first in the world from 2014 to 2015, and since 2020 its transfer volume ranks among the world’s top three.
With revenue of RMB29.4 billion ($4.49 billion), last year reflecting year-on-year growth of 26%, Trina Solar’s proud and successful history has forged a solid foundation for its vision as a global energy leader. Hand in glove with its projected growth, Trina Solar’s unique vision is underpinned by an advanced global trade management and compliance system.
Chinese companies are the clear global leaders with a 90% share of the world market in the PV industry. However, since 2012, many countries, including Europe, the United States, Australia and India, have strenuously and frequently conducted trade double-reactions (anti-dumping and countervailing duties) against China. Therefore, Chinese companies need to pay special attention to international trade compliance issues.
This development could not be ignored, and Trina Solar needed to strengthen its regulatory compliance system to avoid losing market share. In the past, Global Trade Compliance has not been a significant agenda item for several Chinese companies that have not proactively managed their customs and tax savings, and as a result, they have lost valuable markets. This has incurred hefty costs, loss of trading privileges and damage to the enterprise’s brand and bottom line. Crucially, this non-compliance has also led to reduced opportunities for sustainable development.
As a global company, Trina Solar is committed to overcoming the severe challenges they face in international trade. In order to expand their international market, observing international trade compliance is now their top priority.
Currently, Trina Solar’s component products are relatively easy to trade. However, to realise their vision to expand their product lines, their company needs to integrate a global trade management system into their import and export process to ensure they comply with all relevant customs, tax and trade regulations.
As China’s global dominance in manufacturing continues to expand, more international trade lanes will open up for Trina Solar. This will be a double-edged sword, creating a plethora of trade opportunities, matched by an exponential increase in trade obligations.
Now is the time for Trina Solar to be equipped with the best global trade tools to ensure that international trade efficiency becomes part of their DNA.
Thomson Reuters offers many attributes that are valuable for the future of Trina Solar. Its up-to-date content is embedded in Trina Solar’s trade process and can be accessed anywhere in the world, at any time, allowing them to navigate the maze of trade policies, and regulations in whatever country they are trading with, now and in the future.
Importantly, the Trade Analyzer Suite from Thomson Reuters provides Trina Solar with insight into current trade compliance costs and risks. The tools also use scenarios to identify potential cost- and risk-saving opportunities through changes to sourcing or distribution strategies, among other options such as duty deferral programs.
ONESOURCE Analyzer Suite acts as a long-range planning tool, providing Trina Solar access and visibility across all the relevant and latest trade data points from over 210 countries and territories worldwide.
Thomson Reuters ONESOURCE Analyzer Suite empowers Trina Solar’s customs team to manage the many risks and opportunities that emerge when planning their trade routes. This valuable system is the foundation of Trina Solar’s new partnership with Thomson Reuters, of mutual benefit to these two great enterprises.
As a global leader in PV product manufacture and solar technology, Trina Solar hopes to learn more about Thomson Reuters’ products and how they can help their business flourish in international trade. Trina Solar is also opening the door to Thomson Reuters to enter the photovoltaic field and the world of emerging technologies.
Their engagement will generate in Thomson Reuters a deep understanding of and support for the challenges and vision of Trina Solar’s photovoltaic enterprise. Together, they will build a solid and sustainable future for the world.