2024 polyester industrial yarn import &export both surge YOY

According to customs data, the import of polyester industrial yarn reached 21,300 tons in 2024, an increase of 5.9% compared to 2023; the export volume was 559,600 tons, up 7.6% year-on-year. Both imports and exports of polyester industrial yarn showed positive growth in 2024.

Import

From a monthly comparison of import volumes, all months in the first three quarters of 2024, except for June, showed year-on-year growth, while all months in the fourth quarter experienced a significant decline. This was mainly due to a notable increase in demand for high-modulus low-shrinkage automotive industrial yarns in the first three quarters of 2024, leading to a supply shortage domestically, which drove up import volumes. However, in the fourth quarter of 2024, with the launch of 40,000 tons of HMLS PIY capacity in October, domestic supply increased, resulting in a corresponding decline in imports.

In terms of import origins, Vietnam remained the primary supplier of polyester industrial yarn to China, accounting for over 60% in each month of 2024, with February, September, and November seeing over 90%. For the entire year of 2024, imports from Vietnam totaled 17,000 tons, an increase of 800 tons or 4.9% compared to 2023, with Vietnam's share around 80%, slightly down by 1 percentage point from 2023.

Export

Regarding monthly export, all months in 2024, except for March, showed positive year-on-year growth, leading to an overall increase in cumulative exports. The lowest export volume was in November at 41,500 tons, while January saw the highest at 51,900 tons.

The significant year-on-year increase in export volume in 2024 was partly related to the EU's increase in anti-dumping duties in May 2023. This policy led to relatively low export volumes of industrial yarn from May to December 2023, and as its impact diminished over time, export volumes rose significantly in 2024, with exports to EU countries increasing by 11.2% year-on-year. Additionally, with a rebound in overseas demand and domestic companies actively expanding export markets, exports to non-EU countries also saw a year-on-year increase of 6.7%.

In terms of export destinations, the top ten countries or regions remained largely unchanged from 2023, with only slight variations in ranking and share. Among over 130 export countries or regions, the combined share of the top ten accounted for about 61% in 2023 and 2024. The largest export market continued to be the United States, with its share rising from 10% in 2023 to 11% in 2024; South Korea maintained its share at around 10%; Turkey's share decreased by 1 percentage point to 7%. Rankings for Vietnam and Belgium improved, while Russia, Canada and Germany saw declines, and Brazil and India remained stable. The downstream demand for industrial yarn is primarily concentrated in the automotive, infrastructure and transportation sectors, with strong demand from developed countries in Europe and America, as well as significant demand from developing countries.

In summary, the import and export volumes of polyester industrial yarn both increased year-on-year in 2024, driven by a notable rise in demand for high-modulus low-shrink automotive industrial yarns and the easing of the EU's anti-dumping tax impact, alongside an increase in overseas demand.

Looking ahead to 2025, it is expected that import volume may slightly decline compared to 2024, mainly due to an anticipated increase in domestic supply of HMLS industrial yarns. On the export side, with further easing of overseas inflation and rising demand, industrial yarn exports are expected to increase, although the year-on-year growth rate may decline due to the high export base in 2024.