According to the data of the General Administration of Customs of China (GACC), due to sufficient domestic supply, most plastic products saw export increases in June, and only that of PE fell on weak overseas demand. Furthermore, it's noteworthy that EVA import volume advanced obviously in June owing to the price advantage of imported resources.
Main Plastic Product Imports & Exports in China (Jun, 2023) (Unit: '000 tonnes)
|
Jun, 2023 |
MoM Chg |
Jan-Jun, 2023 |
YoY Chg |
|
PC |
Import Volume |
81.4 |
-7.29% |
527.6 |
-25.34% |
Export Volume |
36.5 |
28.07% |
191.6 |
27.31% |
|
ABS |
Import Volume |
77.2 |
-2.3% |
527.4 |
-27.98% |
Export Volume |
12.1 |
22.22% |
57.4 |
44.95% |
|
EPS |
Import Volume |
1.07 |
-4.24% |
5.68 |
-38.32% |
Export Volume |
32 |
15.49% |
169.23 |
17.23% |
|
EVA |
Import Volume |
121.1 |
16.11% |
651.7 |
19.6% |
Export Volume |
17.7 |
1.14% |
91.8 |
64.22% |
|
PE |
Import Volume |
1,077.1 |
4.07% |
6,324 |
-3.71% |
Export Volume |
73.7 |
-13.23% |
468.8 |
33.59% |
|
PP |
Import Volume |
317.6 |
3.02% |
2,014 |
-2.71% |
Export Volume |
118.6 |
1.72% |
671.3 |
-22.74% |
Source: GACC and OilChem
As far as PC, its export volume soared in June while its import volume shrank as domestic PC output surged on the huge capacity in China. In addition, the export rise and import reduction might become normal in the PC industry owing to domestic oversupply.
Concerning ABS, its import volume saw small changes in June, and its export volume mounted up obviously due to rising domestic supply, which was caused by the commissioning of newly-added capacity.
With respect to EPS, the fair overseas demand and the price advantage of domestic resources drove up EPS export volume in June, and the domestic overcapacity and downstream slack season in China also played important roles. China's EPS capacity accounts for more than a half in the world, and its import demand keeps limited, which mainly hovers around hundreds of tonnes per month. Given the output increase caused by the commissioning of newly-added capacities, China's EPS export volume will basically sustain a small rise in a certain time.
In terms of EVA, its export volume maintained a steady increase in H1 2023 as domestic output crept higher due to the release of newly-added capacities, and its import volume gained in June due to the price advantage of imported resources and the bullish sentiment of domestic market players. Moreover, with the development of overseas market, EVA export volume might keep an uptrend in H2 2023.
As for PE, the soft overseas demand did not improve, and market insiders had confidence in China's economic outlook, so PE import volume climbed in June while its export volume slid down.
With regards to PP, generally speaking, the change of its import and export volume in June stayed within the normal range.
Written by Ariel Guo, gq@oilchem.net
Edited by Navy Liu, liuchuanjun@mysteel.com