Sep 2023 China PE Imports Improve M-O-M & Y-O-Y
According to GACC, China’s total import volume in September 2023 was 1,253.12kt, up 3.05% M-O-M and 3.25% Y-O-Y. The total import volume in the first 9 months of 2023 was 9,829.26kt, down 1.37% Y-O-Y. The import volume in September increased M-O-M because the demand peak season in China attracted more imported resources.
In September 2023, China’s PE imports from major origins saw rises and falls. Those from the U.S., a country in the Middle East and Canada improved, while those from UAE, South Korea, Singapore, Thailand and Russia dropped. The largest increment in import volume was seen from the U.S., making it the top 1 import origin. The import volume from the U.S. was 259.5kt, up 70.4kt or 37.22% M-O-M. That from Saudi Arabia ranked second, which was 247kt, down 2.3kt or 0.94% M-O-M, followed by UAE (136.4kt, down 5.7kt or 4% M-O-M) and a certain country in the Middle East (104.4kt, up 18.6kt or 21.63% 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. The import volume via general trade was 1,066.8kt in September 2023, up 2.98% M-O-M, taking up 85% of the total. That via processing trade with imported materials and stored goods in bonded warehouses was 96kt and 70.7kt, taking up 8% and 6% respectively.
In September, the main reason for the increment in imports was because of China’s demand peak season. Some end users replenished their stocks before the National Day holiday, showing increasing buying appetites for low-priced resources. Meanwhile, the overseas demand was limited, so more resources flowed into China’s market. In addition, China’s market price trended up in September, attracting more imported resources. As for the import volume, the increment was mainly from the U.S., the Middle East, and South Asia. It’s estimated that the import volume in October may fall to around 1,181.3kt.
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