China’s PX imports shrank again in the first half of the year



Introduction: my country’s PX has always been one of the chemicals with large import volumes. However, after the PX import volume hit a record high in 2018, it has shown a tr…

Introduction: my country’s PX has always been one of the chemicals with large import volumes. However, after the PX import volume hit a record high in 2018, it has shown a trend of decreasing year by year. In the first half of this year, PX import volume shrank again. From January to 2022 In June, my country imported 5.74 million tons of PX, a decrease of 1.104 million tons or 19.23% compared with the same period last year.

In recent years, with the relaxation of policies, new domestic PX projects have been continuously put into production. In particular, the trend of large-scale refining and chemical integration is obvious. Many leading downstream PTA companies have expanded their industrial chains upwards, and the number of companies in the entire refining-aromatics-polyester industry chain has increased. Therefore, PX imports Demand for goods gradually decreased.

Data source: Jin Lianchuang

According to statistics from import source countries, China imported the most PX from South Korea from January to June, with an import volume of 2.356 million tons, accounting for 41%; followed by Japan accounting for 16%, and Brunei ranked third, accounting for 12% , imports from Taiwan, China accounted for 10%, ranking fourth, while imports of PX from other countries such as Singapore, Kuwait, and India were relatively small. Due to the oversupply of local PX in Japan and South Korea, about 80% of PX is exported. The freight exported to China is low and China is the largest PX demand country. Therefore, Japan and South Korea have firmly ranked in the top two in recent years.

Data source: Jin Lianchuang

In terms of trade methods, PX imports from January to June 2022 are mainly general trade, processing trade with imported materials, and goods entering and exiting bonded supervision sites. Among them, general trade reached 4.348 million tons, accounting for 76%; processing trade with imported materials accounted for 900,000 tons, accounting for 16%, and the mode of entry and exit of bonded supervision sites accounted for only 8%.

Data source: Jin Lianchuang

From January to June 2022, the top three PX imports according to the statistics of sending and receiving places are Zhejiang Province, Liaoning Province and Jiangsu Province, which imported PX 2.132 million tons, 1.304 million tons and 961,000 tons respectively, accounting for 37%, 23% and 17%; secondly, Guangdong Province’s imports accounted for 9%. It can be seen that the PX receiving areas are mainly concentrated in East China and Northeast China, and they are all coastal areas, matching the geographical location of downstream industries.


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Author: clsrich

 
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