Insight Focus

Chinese PET resin exports continue to sTaiwan Bottle-Grade PET Resin Marketet monthly record despite shipping difficulties in May.

Indian producers make more volume available to export, freight advantage to Middle East.

Taiwanese exports slow in Q1; whilst Indian imports continue their surge.

China’s Bottle-Grade PET Resin Market

Monthly Exports

  • Chinese bottle-grade PET exports (HS 39076110) increased 3% month-on-month to around 471k tonnes, 39% above levels a year earlier.
  • Despite the rapid escalation in freight costs, order intake in May and June kept strong above 450k tonnes.
  • Whilst the ability to export in the late May/early June may have been hampered by continued freight rate increases, large brand buyers also began switch over to breakbulk shipments.

  • South Korea was the largest end destination for Chinese PET resin in May, with around 31k tonnes, up 108% from the previous month, and up 128% from April 2023. This comes despite the on-going antidumping investigation.
  • Russia the second largest export destination, and traditional sink for Chinese PET resin, also saw sharp increases with 29k tonnes, up 54% on the previous month and 60% on the year.
  • Nigeria ranked third, with exports to the country having increased strongly since the end of 2023, averaging around 20k tonnes per month (21.6k tonnes in May).
  • Similarly, Chinese PET resin exports to India also continued strongly in May, averaging around the same levels of over just over 20k tonnes per month.

India Bottle-Grade PET Resin Market

Quarterly Exports

  • Indian bottle-grade PET exports snapped their losing streak, rebounding 52% in Q1’24 to 87k tonnes, around 1% higher than Q1’23.

  • Indian exports benefitted from Red Sea disruption due to ease of access into the Middle East, with other Asian suppliers initially avoiding the area following vessel attacks.
  • The UAE was the largest destination for Indian exports with 12.3k tonnes in Q1’24, up by around 350% from the previous quarter, and 203% compared to Q1’23.
  • Volumes to Djibouti, Saudi Arabia also surged, increasing 1500% and 1240%, to 10.7k tonnes and 9.2k tonnes respectively.
  • Although volumes were smaller, around 4-5k tonnes, Algeria and Iraq were also key destinations with annual increases of 21% and 209% respectively.

Quarterly Imports

  • Indian bottle-grade PET imports continued to grow exponentially, up a further 29% on the previous quarter, totalling 73.2k tonnes, 140% above levels seen a year earlier.

  • Despite anti-dumping duties (ADD) on Chinese PET resin, and a fresh review in the works specifically into imports from the most advantaged Chinese producer, imports continue to rocket.
  • Indian PET resin imports from China increased a further 21% in Q1’24 to over 40k tonnes, up 109% versus the same period a year earlier.
  • Imports from Vietnam also surged, doubling in Q1’24 to over 22k tonnes, 370% up on the previous year.
  • Chinese and Vietnamese PET resin represented around 56% of total Indian imports in Q1’24.

Taiwan Bottle-Grade PET Resin Market

Quarterly Exports

  • Taiwanese PET resin exports totalled 229k tonnes in Q1’24, up by around 9% on the previous quarter, yet down 5% year-on-year.
  • Japan remained the largest destination for Taiwanese resin recording around 107k tonnes in Q, rebounding 33% from the previous quarter, and representing around 47% of total exports.
  • As is typical, the United States was the second largest export market for Taiwanese PET resin, at around 63k tonnes, or 27% of total exports, in Q1’24.
  • However, volumes to the US have steadily decreased over consecutive quarters since Q3’23, dropping a further 20% in Q1’24, down 4% versus the same period a year earlier.

  • Although lesser in volume compared to these two major markets, exports to Australia (10.6k tonnes) and Fiji (4.5k tonnes) surged in Q1’24, up 58% and 116% respectively, and 31% and 44% on Q1’23.

Data Appendix

If you have any questions, please get in touch with GLamb@czarnikow.com

Gareth Lamb

Gareth joined CZ in 2021 and is CZ’s PET analyst and recycling specialist. As well as regularly reporting on key market trends and dynamics, Gareth is also developing new research products and analytics within the PET and rPET space. Prior to joining CZ, Gareth led Wood Mackenzie’s PET research service and was Senior Consultant at IHS Markit, working within the petrochemical consulting team. Dr. Lamb graduated from the University of St Andrews with a PhD in organometallic chemistry; and has a masters of Chemistry degree from the University of Liverpool.

More from this author