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China PP exports surge to outpace imports for the first time

发布日期:2024-04-30 作者:CCFGroup 点击:

According to the China Customs, in March 2024, the total import volume of PP was approximately 310,677 tons, a decrease of 9.22% compared to the previous year. Of all imports, homo PP imports accounted 214kt, down 8.35% compared to the same period of last year; co PP 81.4kt, down 14.21% year-on-year; ra co PP for 15.2kt, up 10.28% year-on-year.

 

 

The total export volume of PP in Mar 2024 was about 315.5kt, a year-on-year increase of 87.84%; among which the export of homo PP was about 289.3kt, a year-on-year increase of 94.13%. In March 2024, homo PP achieved a net export of 75,300 tons, with a total net export of PP amounting to 4,800 tons.

 

PP import & export in March

Products

homo PP

co PP

ra PP

total

HS Code

39021000

39023010

39023090


import

quantity(kt)

214

81.4

15.2

310.7

y-o-y change

-8.35%

-14.21%

10.28%

-9.22%

m-o-m change

33.26%

17.31%

67.45%

29.93%

export

quantity(kt)

289.3

23.1

3.1

315.5

y-o-y change

94.13%

39.01%

32.86%

87.84%

m-o-m change

88.41%

77.67%

39.85%

86.95%

net import

quantity(kt)

-75.3

58.3

12.2

-4.8

y-o-y change

/

-25.49%

5.77%

/

m-o-m change

/

3.41%

76.17%

/

 

hr_wordimg_1713941699941.png

 

Looking back in history, homo PP achieved a net export for the first time since April 2021 (the second time in history), with a significant difference (around 11,200 tons of net export in April 2021). It is also the first time in history that the total PP amount achieved a net export. With the continuous rapid expansion of domestic PP production capacity, the overcapacity is gradually becoming more apparent.

 

hr_wordimg_1713941709830.png

 

From the perspective of first-quarter data, the import volume of PP decreased initially and then increased, while the export volume of PP continued to increase.

 

 

In terms of the driving factors for imports and exports, domestic import volume is mostly based on the stable import of some high-end products, while export volume mostly needs to consider whether the export arbitrage window is open. In February, coinciding with the Chinese New Year holiday, the market trading was temporarily stagnant, with few import offers and high prices, making actual transactions difficult. Therefore, the import quantity was relatively low. In contrast, in terms of exports, overseas market trading continued, and the market was influenced by the Red Sea incident. Against the backdrop of weak domestic market and strong overseas market, the export window remained open, leading to an increase in export volume. In March, domestic spot prices did not show a significant rise, remaining relatively low globally, and the export window continued to stay open.

 

      Trading   partner

Export volume(kt)

Export value (USD)

Growth(kt)

Vietnam

46.5

50427277

30.1

Brazil

25.7

24999086

15.2

Bangladesh

22.4

21597665

14.1

Peru

17.3

16654271

11.4

Thailand

14.6

14988917

6.3

India

14.3

13845579

-3.4

Pakistan

12.3

11980821

5

Nigeria

10.8

11332175

9

Kenya

10.3

10319018

6.5

Philippines

9.3

9820892

3.3

Indonesia

9.2

9638315

-14.2

Mexico

9

10362875

5.8

Colombia

8.6

8420765

4.9

Ecuador

8.3

7892445

5.6

Guatemala

5.6

5389229

2.8

Others

65.1

74173453


Total

289.3

301842783


 

In the structure of PP exports, homo PP accounts for over 90%. Seeing from the figure above, it can be observed that most countries and regions have shown various degrees of increase. In terms of absolute quantity, Vietnam has shown the highest increase, followed by Brazil and Bangladesh. In terms of percentage increase, among the top trading partners in terms of absolute quantity, Nigeria has experienced the largest increase, nearly 500%. Apart from increases, there has been a noticeable decrease in exports to Indonesia.


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