June China Petroleum Resin Export Rose by 46% Y-O-Y
China is one of the major producers and suppliers of petroleum resin in the world. In recent years, due to the large number of newly built and expanded petroleum resin units in China and the stable production, the export volume of petroleum resin has increased significantly in 2022, which is the high level of the same period in historical statistics (since 2009) and may maintain a high level in the future.
In June 2022, the export volume of petroleum resin was relatively high, which was at a high level in the same period of history. According to the data released by the General Administration of Customs of China, China's total export of petroleum resin in June 2022 was 33.495kt, up 45.82% Y-O-Y. From the historical data, the Y-O-Y increase of export volume in June does not conform to the historical characteristics (except for the special market in 2020). Since 2021, the monthly export volume of China's petroleum resin has shown a Y-O-Y upward trend, which is mainly due to the large number of newly built and expanded petroleum resin units in China and the increase in foreign demand.
Exports to Asia accounted for 60%, up 66% Y-O-Y.
Among the petroleum resin export partners in June, Asia, North America, South America and Oceania all increased Y-O-Y. Specifically, the total export volume to Asia was about 20.206kt, accounting for 60% of the total export volume, which is the most important continent for export. Exports to Europe was about 6.591kt, accounting for 20% of the total export volume. The export volume to North America and South America was 4,422.27mt and 1,451.6mt, accounting for 13% and 4% of the total export volume respectively. Compared with the same period last year, the exports to Asia increased by about 66% in June 2022.
The proportion of exports to Asia is at a high level.
In recent years, large number of newly built and expanded petroleum resin units has been put into operation in China, and most of them have run stably. In June 2022, China exported a total of 20,206mt of petroleum resin to Asia, of which 7,339mt were exported to Southeast Asia, accounting for 21.93% of the total export, up 24.21% M-O-M. The export volume to East Asia was about 3,557mt, down 8.47% M-O-M. Taking tariff code 3911100 as an example, it is mainly exported to India, the United States, Indonesia, Thailand, Turkey, Malaysia, South Korea, the Netherlands, Saudi Arabia, Spain and other places, accounting for 62.75% of the export volume.
It is expected that the export volume of petroleum resin in July will continue to stay at a high level of the same period in recent years. From the perspective of market supply, the new units mostly ran stably, and the domestic PX supply was abundant. On the demand side, the overall domestic demand was weak due to the high inventory at end users and other factors. Therefore, export has become the main way to relieve domestic pressure.
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