Import and export of polyester industrial filament in Q1 2022

According to the latest data from China Customs, exports of PIY amounted to 143.6kt in Q1 2022, up 1.8% on the year. Imports of PIY totaled 6,535 tons, down 44.6% on annual basis respectively.

PIY imports declined on the year in Q1 2022 while still grew compared with previous years. Imports from nations excluding Vietnam changed little while those from Vietnam hiked, which was because Hailide's PIY unit in Vietnam started production in Aug 2020. In the future, Vietnam Hailide will gradually pass overseas certification and export more PIY to other nations, while exports to China will reduce.

The top 9 export destinations of PIY in Q1 2022 did not change much compared with Q1 2021, while Vietnam replaced Canada to be the 10th destination this year. In addition, the proportion of these destinations slightly changed. US remained the biggest export market, with the proportion up by 3 percentage points y-o-y to 14% in Q1 2022. South Korea ranked the second place, with market share down by 3 percentage points on annual basis to 8%. Turkey surged to the third place from the 5 place, with proportion up by 2 percentage points over last year to 8%. India and Germany each saw a proportion reduction of 1 percentage point, with ranking down by 1 place to the 4th and 5th.

In summary, after Vietnam Hailide gradually passed overseas certification, export of its PIY to China reduces. Therefore, imports of PIY apparently moved down on the year in Q1 2022, which is expected to continue reducing on the year in the future. Exports of PIY changed little. Enterprises are active in exploring export market with excessive supply. However, overseas demand grew limitedly on the year due to high sea freight and the spread of pandemic worldwide. Therefore, although exports of PIY rose on the year in Q1 2022, the increment was very limited.