Aug Saw Growing Ethanol Exports but Dropped Imports
Introduction: In August 2024, China’s export volume of ethanol rose M-O-M, while the import volume decreased M-O-M. According to GACC, the import volume of ethanol in China was 7.233mt in August, a decrease from July, returning to a low level again. The export volume was 1,153.953mt, an increase from July.
Ethanol export volume in August 2024 rose M-O-M.
According to GACC, China exported 1,153.953mt of ethanol in August 2024. Hereinto, the export volume of undenatured ethanol was 1,126.289mt, up 14.16% M-O-M but down 24.18% Y-O-Y. The export volume of denatured ethanol was 27.664mt, up 611.71% Y-O-Y. From January to August 2024, China’s ethanol exports were mainly undenatured ethanol, with a total export volume of 7,625.109mt, while the export volume of denatured ethanol was only 115.685mt. However, the export volume in August was still at a new low, and the export dependence degree was lower than 1%, so the export volume had limited impacts on China’s ethanol fundamentals and prices.
In terms of trade partners, the top three export destinations of ethanol were Belgium, Papua New Guinea and Taiwan of China in August 2024, with the export volume accounting for 34.08%, 19.40%, and 13.12% of the total export volume respectively. In terms of trade mode, all ethanol resources were exported via general trade. In terms of delivery place, Hebei, Anhui and Jiangsu were the top three delivery places, with the export volume accounting for 38.16%, 24.41% and 16.27% of the total export volume respectively.
Ethanol import volume in August 2024 went down M-O-M.
According to GACC, China imported 7.233mt of ethanol in August 2024, down 99.74% M-O-M. Hereinto, the import volume of undenatured ethanol and denatured ethanol was 4.38mt and 2.86mt respectively. From January to August 2024, China’s ethanol import volume totaled 4,530.523mt, with the imports concentrated in January and July. In the first eight months, China imported 1,650.253mt of denatured ethanol and 2,880.27mt of undenatured ethanol. As China’s domestic ethanol prices fell, it was not easy for overseas resources to arbitrage and sell to China. China’s ethanol supply was ample, and the import dependence degree was low, so the imported resources had a small impact on China’s ethanol prices.
In terms of trade partners, the top three import origins of ethanol were Germany, Netherlands and Spain in August 2024, with the import volume accounting for 40.41%, 16.28% and 14.67% of the total import volume respectively. In terms of trade mode, the import volume of ethanol via general trade accounted for 95.95% of the total import volume, and that via logistics goods in areas under special customs supervision accounted for 3.14%. In terms of receiving place, the import volume in Shanghai, Guangdong and Jiangsu ranked top three, with the import volume accounting for 55.88%, 17.01% and 12.66% respectively.
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