China's polyester exports rise in 2023

China's polyester exports further increased obviously in 2023. The exports of polyester (including PFY, PSF, PET fiber chip, PET bottle chip and BOPET) reached 11,160kt in 2023, China Customs data showed, breaking through 10,000kt for the first time. It recorded an increase of 1,280kt or 13% from the year earlier. Meanwhile, polyester imports were little changed from last year.

Polyester exports by products

In terms of product, PFY and PSF exports recorded sharp increase, up by 680kt and 210kt on year respectively in 2023. The increment in PET bottle chip slowed down to 240kt, and PET fiber chip and BOPET exports were broadly stable.

On monthly basis, except for during May-Jul, polyester exports recorded year-on-year increase for the rest of the months in 2023. The exports kept steady growth with little volatility in 2023.

The decrease in exports during May-Jul was attributed to the reduction in PET bottle chip exports compared to the same period of 2022. In the fourth quarter of 2023, however, with prices rebounding and restocking demand outside China, orders for PET bottle chip and the delivery volume bounced back obviously, and therefore, the exports logged positive growth again. In 2024, if the exports keep a faster pace, the pressure from capacity expansion could get alleviated.

PFY exports recorded the biggest increase among polyester products, and the growth was driven by the volume exported to India. In the fourth quarter of 2023, however, the exports to India declined due to the expiration of BIS certificate. In 2024, the export flow to India should be watched closely, and if local plant operation rate is not enough in India, the country may continue importing PFY from China.

In 2023, exports of PFY from China to India increased by 227kt, accounting for one third of the total increment of PFY exports. In addition, the exports to Turkey rose by 135kt, and that to Egypt increased by 91kt.

China's PSF exports were also eye-catching, and little affected by BIS certificate. The exports to countries other than India increased, however downstream yarn and grey fabric exports dropped by 30kt and 20kt on year respectively.

The increment of PSF exports to Vietnam, Turkey, Pakistan, Bangladesh and Poland exceeded 10,000 tons.

BOPET is at its boom cycle in recent years. With new plants starting, the exports began increasing heavily, while the imports reduced obviously.