PET bottle chip exports in Nov hit a new high in H2 2022

According to the Customs, China PET chip export volume totals 443kt in Nov 2022, y-o-y growing 4.6%, including 47kt for HS code 39076910, y-o-y down 29%, and 396kt for HS code 39076110, y-o-y rising 11%. PET fiber chip imports totals 28kt, falling 26.4% on annual basis. It is estimated that the total export volume of PET bottle chip in November 2022 is around 420-430kt, an increase of 9-10% over the same period last year, setting a new record for monthly export delivery volume in the second half of the year.

China PET chip export volume totals 4.68 million tons in Jan-Nov 2022, y-o-y growing 37.6%, including 710kt for HS code 39076910, y-o-y up 13%, and 3.97 million tons for HS code 39076110, y-o-y rising 43%. According to the estimation of the two HS code and the delivery statistics of factories, the total export volume of PET bottle chip in the first 11 months is estimated at around 4.3 million tons, an increase of 39.5% year-on-year, which has far exceeded the total export delivery volume in 2021.

The export order intake of China domestic PET bottle chip in Nov has reached around 390kt, an increase of more than 30% over the same period last year. In fact, export delivery volume is expected to be high from November to December due to delays in shipping schedule and the expiration of the implementation of contracts at the end of the year. In the first half of 2022, the delivery of many export orders sent by bulk carriers were delayed due to epidemic control, mostly postponed to the third or fourth quarter. In addition, delivery of some Sep-Oct orders were delayed again, increasing the export delivery volume in November. Moreover, the export market picks up in November, and the reasons are as follows: First, prices do fall to the year's low in the fourth quarter, and can even be said to be the low of the past two years; second, rigid demand still exists in the market, and small and medium-sized orders are relatively good; third, before the Christmas and Spring Festival holidays, overseas end-user plants have a replenish demand, basically the orders delivered after the Spring Festival.

In view of the fact that the export order intake of domestic PET bottle chip factories has been around 4.7 million tons since the fourth quarter of 2021, minus the current delivery volume of 4.3 million tons in the first 11 months of 2022, the export delivery volume in December is expected to be above 350kt, and there is a high probability that it will exceed 4.6 million tons in 2022. With regard to the current situation, export delivery may continue to perform well in the first quarter of 2023, with a monthly average of more than 350kt. However, there are many factors affecting the actual delivery, such as the Spring Festival holidays, so market participants are suggested to pay attention to the arrangement of the final shipping schedule.