September 25, 2024 – According to the newly released statistical data, China’s import volume of polyethylene (PE) reached approximately 9.0575 million tons during the period from January to August 2024, marking a 5.62% increase compared to the same period last year. However, on the export front, the cumulative export volume of PE for the same period stood at 579,600 tons, experiencing a slight decline of 0.92%.
Delving deeper into the figures, the import situation of PE in August exhibited a trend of month-on-month decrease but a slight year-on-year increase. Specifically, the import volume for that month was around 1.2203 million tons, representing a 6.06% decrease from the previous month and a 0.35% increase from the same month last year. This change is attributed to the combined influence of various market factors.
As AsiaMB learned, the overall performance of downstream industries in August was relatively weak. Factories adopted a cautious approach to procurement, mostly adhering to a strategy of purchasing only as needed. This resulted in market demand failing to provide effective support for the market. Meanwhile, the domestic PE production facilities’ maintenance season gradually concluded, leading to an increase in domestic output and a subsequent reduction in dependence on imported goods.
Regarding exports, although the cumulative export volume for the first eight months declined, the single-month export volume in August showed a promising trend of both month-on-month and year-on-year growth. Specifically, the export volume of PE in August totaled approximately 71,700 tons, representing a 24.54% increase from the previous month and a 24.50% increase from the same month last year. This growth was primarily fueled by the gradual recovery of the global economy, particularly the increased investment in infrastructure construction and industrial development by certain emerging market countries. This, in turn, boosted the demand for raw materials such as PE, providing a broader market space for China’s PE exports.