Minmetals Chemical Products Imports Increased
At the 100th Canton Fair, the China Minmetals Chemicals Importers and Exporters Association shared key data on the performance of China's mineral chemicals sector in the first eight months of this year. The total import and export volume reached $299.4 billion, making up 27.1% of the country’s overall trade. This represents a significant year-on-year increase of 21.7%. Specifically, exports totaled $111.6 billion, accounting for 18.6% of China’s total exports, rising by 24%. Meanwhile, imports amounted to $187.8 billion, or 37.2% of the national import volume, with a growth rate of 20.3%.
In terms of exports, refined oil shipments during January–August hit 8.2 million tons, marking a 21.7% decline in volume but a 1% rise in value, reaching $4.61 billion. Key markets included Singapore (1.32 million tons, $800 million), Hong Kong (1.2 million tons, $650 million), and Vietnam (790,000 tons, $470 million). Crude oil exports dropped by 15% to 4.15 million tons, yet the export value climbed to $1.7 billion, up 15%, with an impressive 36.7% increase in average unit price. Major destinations were South Korea ($500 million), the U.S. ($280 million), and Indonesia ($270 million). Coke and semi-coke exports rose slightly by 1.3% to 9.16 million tons, but the export value fell by 32.9% to $1.22 billion.
On the import side, crude oil imports surged to 95.8 million tons, valued at $44.52 billion, reflecting a 15.3% increase in volume and a staggering 51.5% rise in value, driven by a 31.4% increase in average prices. Top suppliers were Angola ($7.84 billion), Saudi Arabia ($7.13 billion), and Iran ($5.3 billion). Refined oil imports also grew, reaching 25.75 million tons with a value of $10.95 billion, up 25.7% and 79.2% respectively. Major sources included South Korea ($3.27 billion), Singapore ($1.62 billion), and Russia ($1.4 billion).
These figures highlight the dynamic nature of China’s chemical trade, showing strong growth in some areas while others face challenges, particularly in refined oil exports.
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