Jul NBR Exports Rise in Japan While Drop in South Korea
Introduction: Japan and South Korea are major export countries of NBR around the world. According to data released, in July, the NBR export volume from Japan rose M-O-M while that from South Korea dropped M-O-M.
July export volume
According to data released by Japan Customs, Japan’s NBR export volume was 5,329mt, up 43.84% M-O-M and 50.08% Y-O-Y. From January to July 2024, Japan exported 17,298mt of NBR in total, up 22.75% Y-O-Y. According to data released by Korea Customs Service, South Korea exported 74,954mt of NBR, down 3.44% Y-O-Y. The growth in Japan’s exports mainly came from the U.S. and Europe, while the drop in South Korea’s exports was mainly due to the sluggish demand in China.
Source: Japan Customs
Source: Korea Customs Service
In terms of Japan’s export trade partners, the U.S., China, and India were the top three export destinations in July. Japan’s export volume of NBR to the U.S. was 1,841mt, up 124.94% M-O-M and 66.86% Y-O-Y; That to China was 1,371mt, down 5.84% M-O-M and up 65.63% Y-O-Y; That to India was 580mt, up 84.86% M-O-M and 54.76% Y-O-Y.
In terms of South Korea’s export trade partners, India, the U.S., and China were the top three export destinations in July. South Korea’s export volume of NBR to India was 1,608mt, down 0.29% M-O-M and 20.35% Y-O-Y; That to the U.S. was 1,595mt, up 37.64% M-O-M and up 38.36% Y-O-Y; That to China was 1,385mt, down 36.95% M-O-M and 38.85% Y-O-Y.
From the perspective of China’s market in July, according to SCI, China imported NRB from South Korea at the price of $1,900-2,000/mt and from Japan at the price of $2,850-2,950/mt. Import costs of some resources rose, but China’s demand was sluggish, so operators in the U.S. were cautious in receiving orders, inhibiting the growth in the import volume.
Source: Japan Customs
Source: Korea Customs Service
August export volume prediction
It is predicted that the NBR export volume of South Korea may increase M-O-M in August, while that of Japan will probably drop. As for South Korea’s NBR export, the NBR shipment price in August may decline to stimulate some buyers' purchase interest. In addition, orders in some regions improve slightly, which may also support the growth of export volume. As for Japan’s NBR export, although the overall price fluctuation is limited, considering that the export volume in July has reached the highest level in the recent three months, the export volume in August may hardly continue to increase.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
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