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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.

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