Jan 2024 China PE Imports to Inch Down M-O-M
According to GACC, China’s total import volume in December 2023 was 1,168.06kt, down 4.2% M-O-M but up 6.94% Y-O-Y. The total import volume in 2023 was 13,441kt, down 0.18% Y-O-Y. The import volume in December continued to fall M-O-M but it remained at a high level.
In December 2023, China’s PE imports from major origins saw rises and falls. Those from the U.S., Saudi Arabia, South Korea, Singapore, Qatar and Thailand trended down, while those from Iran, UAE, India and Russia improved. The largest increment in import volume was seen from Iran. In December, the U.S. remained the top 1 import origin with an import volume of 211.9kt, down 62kt or 22.62% M-O-M. That from Saudi Arabia ranked second, which was 195.2kt, down 24.1kt or 11.01% M-O-M, followed by UAE (131.9kt, up 7.7kt or 6.17% M-O-M), Iran (131.1kt, up 20.5kt or 18.54% M-O-M) and South Korea (90.9kt, down 3.1kt or 3.64%).
As for the trade mode, China mainly imported PE via general trade, processing trade with imported materials and stored goods in bonded warehouses. The import volume via general trade was 980.64kt in December 2023, down 5.17% M-O-M, taking up 84% of the total. That via processing trade with imported materials and stored goods in bonded warehouses was 114.72kt and 56.97kt, taking up 10% and 5% respectively. On the whole, although the import volume from Iran, UAE and India improved, that from other origins declined, dragging down the overall import volume M-O-M. SCI reckons that the import volume will likely continue to inch down in January 2024. China’s PE imports from the Middle East, the U.S. and Southeast Asia are expected to trend down. This is mainly because China’s overall demand is in a slack season, and downstream enterprises are about to take holidays with the upcoming Spring Festival, dampening imports. Although the price rebounded after a decline, the attraction to imported resources will be limited. Therefore, it’s estimated that the import volume in January will likely continue to inch down M-O-M to around 1,155.1kt.
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