2020 China Synthetic Rubber Export Volume Surged
According to SCI’s statistics, in 2020, China’s synthetic rubber capacity was above 6,000kt/a. China is a synthetic rubber producer and consumer. In 2020, China’s synthetic rubber export volume rose to over 200kt, up more than 16% Y-O-Y, hitting a new high from 2011. As for its monthly export volume, in 2020, the highest monthly export volume of synthetic rubber was over 27kt in December, nearly 300% higher than the lowest in February.
Reasons for the improvement of China’s synthetic rubber export: First, the Ministry of Finance, PRC and the State Taxation Administration announced on March 17, 2020 that starting from March 20, 2020, the export tax rebate rate for some products would be adjusted. SCI made statistics on the export tax rebate rate of synthetic rubber related varieties. On November 1, 2018, the export tax rebate of some synthetic rubber products was raised to 10%, and on March 20, 2020, the export tax rebate of some synthetic rubber products continued to be increased to 13%. Second, the U.S. Department of Commerce announced affirmative preliminary determinations in the antidumping duty investigations of passenger vehicle and light truck tires (passenger tires) from South Korea, Taiwan Province, Thailand, and Vietnam. Therefore, tire enterprises in Southeast Asia increased their production, and their demand for synthetic rubber increased greatly. Third, major synthetic rubber exporters such as South Korea carried out the synthetic rubber unit transformations, which caused the export volume of some synthetic rubber varieties to shrink, and some orders in the Southeast Asian market were transferred to China’s market.
