2024 PTMEG import and export analysis

According to the latest data from China customs, imports of PTMEG totaled 39kt in 2024, down by 14.7% on the year, and the import unit price was at $2.127/kg, down by $0.432/kg year on year. The exports stayed at 77kt in 2024, up by 1.9% on annual basis, and the export unit price was at $1.882/kg, down by $0.667/kg over last year. The net export volume increased by 33% on the year to 37kt.

Import

The import from Vietnam significantly increased year-on-year, attributed to expanded supply in Vietnam. However, demand in the Southeast Asian market did not chase up sufficiently, leading to a noticeable rise in exports to China. The increase in imports from Vietnam is also a way to prepare for the release of domestic new capacity in the future. The supply in the South Korean market also recovered, with a significant year-on-year increase in total imports. In contrast, imports from Taiwan, China have continued to decline sharply, with annual import volume now lower than those from Vietnam. Trade-type imported resources were greatly impacted by domestically low prices and supply surplus.

Looking at the distribution of import destinations, Guangdong has seen a substantial growth of 112% in 2024, with most of the increase in supply coming from the Vietnamese market. This has led to a significant rise in its import share to 42%, an increase of 25 percentage points year-on-year. Shanghai's import volume grew by 17%, raising its import share to 23%. With changes in factory suppliers, imports in Fujian drastically decreased from 15,000 tons in 2023 to just 154 tons in 2024.

Export

In 2024, PTMEG exports were primarily directed towards Turkey, Singapore and Japan, with notable growth compared to the previous year, especially a remarkable 24-fold increase in the Japanese market. Due to intense domestic market competition, there was a strong price-performance advantage, resulting in a significant increase in exports to Japan. Demand in Turkey has seen a year-on-year increase, while the Singapore market ramped up domestic procurement in 2024. Exports to Brazil and Thailand slightly decreased and demand in the UK remained stable.

The delivery locations for PTMEG exports continued to concentrate in Zhejiang and Ningxia, where the total export volume was about 53,000 tons, a slight year-on-year decrease of 5%, accounting for about 70% of the export share, down by 6 percentage points year-on-year. In 2024, exports from Ningxia to Turkey have clearly decreased due to local demand effects. Sichuan's export volume showed a notable year-on-year increase, with an annual export volume of approximately 6,935 tons, reflecting a year-on-year growth of about 62.9%, primarily driven by increased exports to Singapore.