Sep 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 September, the NBR export volume from Japan rose MoM while that from South Korea dropped MoM.
September Export Volume
According to data released by Japan Customs, in September, Japan’s NBR export volume was 3,954mt, up 31.15% MoM but down 8.92% YoY. From January to September 2024, Japan exported 34,266mt of NBR in total, up 12.78% YoY. According to data released by Korea Customs Service, South Korea exported 9,062mt of NBR in September, down 1.59% MoM and 19.25% YoY. From January to September 2024, South Korea exported 93,224mt of NBR in total, down 7.70% YoY. The growth in Japan’s exports mainly came from the U.S., while the drop in South Korea’s exports was mainly due to the decline in demand in Europe and Southeast Asian markets.
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 September. Japan’s export volume of NBR to the U.S. was 1,916mt, up 368.65% MoM and 116.69% YoY; That to China was 759mt, down 30.52% MoM and 37.76% Y-O-Y; That to India was 286mt, down 24.52% MoM and 74.26% YoY.
In terms of South Korea’s export trade partners, China, India, and the U.S. were the top three export destinations in September. South Korea’s export volume of NBR to China was 1,724mt, up 1.48% MoM but down 22.63% YoY; That to India was 1,531mt, up 24.28% MoM and down 40.01% YoY; That to the U.S. was 1,330mt, up 4.13% MoM and 23.88% YoY.
From the perspective of China’s market in September, according to SCI, China imported NRB from South Korea at the price of $1,850-1,950/mt and from Japan at the price of $2,850-2,950/mt. In early September, the price of South Korea’s NBR shipments was not high, which stimulated the willingness of some buyers to place orders. Coupled with the expectation of increased demand in the Chinese market in September, the export volume of South Korea’s NBR to China increased. The price of Japan’s NBR remained high, and buyers mainly bought on a need-to basis.
October Export Volume Prediction
It is predicted that the NBR export volume of Japan and South Korea may both decrease MoM in October. As for Japan’s NBR export, the US dollar prices of NBR rose in October, and the high cost may lead some buyers to be cautious about placing orders. On the other hand, the growth of demand in some markets falls short of expectations, which may also affect the negotiation on the export of NBR. As for South Korea’s NBR export, considering that some buyers show strong resistance to the price increase and that some NBR units in South Korea are scheduled for maintenance in October, export volume is expected to decline. All in all, it is expected that the export volume of NBR from both Japan and South Korea in October will likely decline compared with that in September.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
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