Apr 2023 China PE Imports Declined M-O-M & Y-O-Y
According to GACC, China’s total import volume in April 2023 was 956.96kt, down 13.57% M-O-M and 2.39% Y-O-Y. The total import volume in the first 4 months of 2023 was 4,212.16kt, down 7.42% Y-O-Y. The import volume in April declined notably from March 2023 because the downstream industries were in a slack season from Q2, dragging down the orders and operating rates of PE downstream enterprises. In addition, China’s PE prices were at a low level, dampening imports.
In April 2023, China’s PE imports from major origins showed an overall downtrend, especially Saudi Arabia and some countries in the Middle East. Meanwhile, imports from Canada improved. The PE imports from the U.S. ranked first and reached 199.8kt in April 2023, down 5.3kt or 2.58% M-O-M. Those from Saudi Arabia were 160.1kt, down 66.2kt or 29.25% M-O-M. Those from UAE were 123.9kt, down 13.5kt or 9.83% M-O-M. Those from a certain country in the Middle East were 87.7kt, down 20.6kt or 19.02% M-O-M. Those from Canada were 34.2kt, up 9.8kt or 40.16% M-O-M.
As for the trade mode, China mainly imported PE via general trade, processing trade with imported materials and stored goods in bonded warehouses. Therein, the import volume via general trade was 786.7kt in April 2023, down 12.08% M-O-M, taking up 82% of the total. That via processing trade with imported materials and stored goods in bonded warehouses was 91.2kt and 62.3kt, taking up 10% and 6% respectively.
In April 2023, the import volume decreased M-O-M mainly because of the newly added units in China. A large number of new products came into the market, interrupting the imports of some general materials. Meanwhile, China’s demand was in a slack season from April to May, and PE prices in China’s domestic market were at a low level. Some imported orders were exported to South Asia and Southeast Asia, and the overall sluggish downstream demand dampened PE imports. Therefore, the trading atmosphere was insipid and offers of overseas resources kept decreasing. On the whole, it’s estimated that the import volume in May will likely fall to around 940kt.
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