Business

China’s PTA Exports Continue To Rise In Jan-June 2022

According to China’s customs statistics, the import volume of PTA in June 2022 was 42kt, an increase of 184% month-on-month; the export volume was 392.3kt, a month-on-month increase of 26%. The increase in PTA exports in June was partly due to the impact of shipping schedules. From January to June 2022, the cumulative import of PTA was 9.3kt, a year-on-year decrease of 71%, and the export was 2.06 million tons, a year-on-year increase of 54%. From January to June, the main increase of exports came from India, Turkey, Oman, Vietnam and Egypt, but Saudi Arabia and Russia showed a slight decline. China’s PTA export volume in 2021 and 2022

	Jan-Jun 2022	Jan-Jun 2021	Change
India	589	330	78%
Turkey	475	194	145%
Oman	206	165	25%
Vietnam	202	82	147%
Saudi Arabia	115	138	-17%
Egypt	108	38	183%
Russia	100	137	-27%
Pakistan	89	98	-9%
Taiwan China	52	0
South Africa	46	68	-32%
Bangladesh	28	0
Brazil	27	1	2617%

Unit: KT In the second half of the year, China domestic PTA market still faces oversupply pressure, especially in the fourth quarter when large amount of new PTA capacities are scheduled to start. China's PTA still has a price advantage in the world. However, the overseas demand may weaken in the later period. The polyester polymerization rate in India began to decline from May and the demand for imports gradually reduced with less bids. In Europe, due to the increased cost pressure, Indorama’s 1.11 million tons of PET bottle chip units in Spain, the Netherlands, Poland and Lithuania began to cut production. Therefore, although China's PTA price advantage still exists, with the weakening of overseas demand, the import volume of PTA may show a decline in the later period.