China's epoxy resin exports rose 16.84% year-on-year to 15,179.191 tonnes in May, while its epoxy resin exports shrank 38.79% year-on-year to 13,246.311 tonnes, according to China Customs data. That's because export has become an effective solution for Chinese suppliers to ease increasingly intensified competition pressure resulting from ample supply in China, still a net exporter of epoxy resins.
China Epoxy Resin Imports and Exports 2022-2023
Source: GACC, OilChem
Compared with April, China's epoxy resin exports shrank 731.049 tonnes, or 4.82%, to 15,179.191 tonnes in May, and were trading at an average price of $2,446.68/tonne, down 0.96%, China Customs data showed. This drop was caused by sluggish demand on recently weak markets both at home and abroad, as well as exporters' cautiousness stemming from the volatile RMB exchange rate in 2023.
China Epoxy Resin Exports and Average Prices 2022-2023
Source: GACC, OilChem
In May, Russia, still the largest importer of China's epoxy resins, recieved 2,375.94 tonnes of epoxy resins from China. Jiangsu Province contributed to 2,375.94 tonnes or 45.29% of China's total epoxy resin exports, making it the No.1 supplying province of China. Of this month's epoxy resin exports, 92.65% were subject to general trade, and 6.88% to feed processing trade.
Compared with April, China's epoxy resin imports gained 2,115.54 tonnes, or 19%, to 13,246.311 tonnes in May, and were trading at an average price of $4,430.38/t, down 1.74%, China Customs data showed. This was a result of China's reduced dependence on imported epoxy resins owing to its capacity expansion in the industry in 2022 and 2023. On the other side, China's epoxy resin exports slightly rallied in May from a month earlier but dropped about 40% from a year earlier, indicating a clear downward trend.
China Epoxy Resin Imports and Average Prices 2022-2023
Source: GACC, OilChem
In terms of import source, 5,072.805 tonnes, or 38.3% of the epoxy resins into China came from No.1 contributor Taiwan China. In terms of registered office of importer, it demonstrates a pattern that the more one consumes, the more one will buy. Jiangsu Province was the largest importer, with 6,707.33 tonnes or 50.64% of the total imports, followed by Guangdong Province and Shanghai with 3,301.849 tonnes or 24.93% and 1,428.548 tonnes or 10.78%, respectively. Of their epoxy resin imports in May, 82.79% were subject to general trade, and 15.66% to feed processing trade.
Written by Todd Zhu, todd@oilchem.net
Edited by Navy Liu, navy@oilchem.net