PP imports decrease, exports surge

According to customs statistics, in April 2022, China imported around 329.7kt of PP, down 6.55% from the same period of 2021. Of all imports, homo PP imports accounted 210.8kt, down 11.36% compared to the same period of last year; co PP 105.6kt, down 7.15% year-on-year; ra PP for 13.3kt, down 19.18% year-on-year.

The total export volume of PP in April 2022 was about 218.1kt, a year-on-year decrease of 18.16%; among which the export of homo PP was about 205.1kt, a year-on-year decrease of 17.63%.

Judging from the monthly data, the import volume of PP in April 2022 decreased to varying degrees compared with March, mainly due to the obvious price spread between RMB market and PP CFR China market, the price of China domestic materials was 1,000-1,500yuan/mt lower than that of imported materials, the price of China domestic materials have its advantage over imported goods. The trading pressure of foreign traders was relatively heavy, the import arbitrage window has closed, and the import volume decreased.

From the perspective of trading partners, the top countries and regions have not changed significantly. For example, the top six importers of homo PP are still South Korea, the United Arab Emirates, Saudi Arabia, Japan, Singapore and Taiwan, China, of which South Korea still ranks first, , while the rankings of the rest countries and regions have slightly adjusted. The top co PP import countries and regions are still Singapore, Taiwan, South Korea, the United Arab Emirates and Saudi Arabia, which are exactly the same as in March.

From the perspective of export data, both homo PP and co PP have increased significantly, the main reason is generally the same as that of the declining imports, that is, the obvious price spread between RMB market and PP CFR China market, the export arbitrage window has opened and export volume substantially increase. From an absolute amount point of view, the increase in total PP exports is mainly due to the increase in homo PP exports.

From the perspective of trading partners, different from imports, the top countries and regions in terms of export volume have undergone relatively obvious changes. Taking homo PP as an example, India ranked first in terms of homo PP export volume in April, followed by Turkey, Vietnam, Bangladesh and Guatemala with exports of more than 10,000 tons. It is reported that the number of exports to India increased significantly in April, due to the fact that there are many plants in India have shut for maintenance, the supply gap is large and the demand is good. It has an obvious price advantage, and it is more favored by China domestic exporters.