Sep NBR Imports and Exports Drop MoM
Introduction: In September 2024, China’s NBR import volume and export volume both saw a MoM decrease.
Imports
According to the data released by GACC, the import volume of NBR in September 2024 was 6,032.49mt, down 16.76% MoM and 19.30% YoY. The total import volume from January to September 2024 was approximately 60,324.39mt, which dropped by 2.42% YoY. The import decline in September was mainly due to a decrease in the supply of goods imported from a certain country in Europe, which pushed up the prices of these NBR grades.
As for import trading partners, the volume of NBR imported from South Korea, Japan, and Russia ranked top three. South Korea was the largest import origin, with about 2,019.25mt of NBR imported from the country in September, increasing by 42.87% MoM and decreasing by 25.81% YoY, accounting for 33% of the total. The second was Japan, with about 1,529mt of NBR imported, up 119.69% MoM and 8.51% YoY, accounting for 25% of total imports. China imported 1,418.76mt of NBR from Russia, which decreased by 59.11% MoM and 42.68% YoY, accounting for 24% of total imports.
Exports
According to data released by GACC, the export volume of NBR in September 2024 was 1,652.49mt, down 13.09% MoM and 43.09% YoY. The total export volume from January to September 2024 was about 20,871.34mt, increasing by 18.58% YoY. The decrease in export volume in September was mainly due to two reasons. First, the transit trade decreased and some overseas consumption markets underperformed. Second, the market prices of NBR rose in China, and some goods have no obvious export price advantages.
As for export trading partners, the volume of NBR exported to UAE, Vietnam, and Thailand ranked top three. UAE was the largest export destination, with about 331.8mt of NBR exported to the country in September, increasing by 5.39% MoM and 237.61% YoY, accounting for 20% of the total export. Followed by Vietnam, NBR exports to Vietnam were about 275.2mt, a MoM increase of 28.52% and a YoY decrease of 1.52%, accounting for 17% of the total exports. China exported 204.1mt of NBR to Thailand, which increased by 226.35% MoM and 96.88% YoY, accounting for 12% of total exports.
Looking ahead to October and November, for imports, considering rising prices of some imported shipments and maintenance schedules at some offshore plants in October, the offshore NBR import volume in China may move down. However, some ocean cargo may arrive at ports. It is predicted that the imported NBR in October and November in China may be in the range of 6kt-6.5kt. In terms of exports, China’s domestic NBR units may undergo unit maintenance or operating rate cuts, so the growth of spot supply may be narrow, but overseas demand may fluctuate limitedly. It is expected that China’s NBR export volume may fluctuate around 2kt in October and November.
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