PIY: October imports hit yearly high but exports touch yearly bottom

According to the data from China customs, PIY exports were at 36.6kt in Oct 2023, down by 12.5% on the month and 7.3% on the year respectively. Imports approached 2,739 tons, up 22.1% on the month and 69.6% on annual basis respectively.

Import

Imports of PIY changed little in Jan-Aug, 2023 and were all lower than the same period of last year, but changed greatly in Sep and Oct. Imports of PIY hiked and hit yearly high, far higher than the YOY change in the same period of last year.

Imports of PIY from Vietnam were apparently volatile this year and those from other nations sustained low and stable. The change of PIY import was mainly affected by the import from Vietnam. Soaring imports of PIY in Sep and Oct was mainly because imports from Vietnam increased. Why? It was learned that demand for polyester cord fabric has been sound in previous months and sales of HMLS PIY were good. Price of HMLS PIY was firm, which extended higher even when price of ordinary high-tenacity PIY and low-shrinkage PIY headed south. PIY plants saw sound profit. Therefore, some overseas HMLS flew to China, representative by the Vietnam Hailide. Under such circumstance, the imports of PIY apparently rose from Vietnam.

Export

Exports of PIY continued falling in Sep and Oct, with MOM decrement of Sep and Oct at 3.1% and 12.5% respectively. Exports of PIY were only at 36.6kt in Oct, hitting yearly low, as well as the lowest in the same period of past seven years.

As for major export markets, exports of PIY to US dropped the most in Oct, down by 2368 tons, almost halved. The next was South Korea, down by 1433 tons or 1/3. Exports to Turkey and India decreased by more than 500 tons and those to other markets did not change much.

 (Remark: Sorted by export volume in October 2023)

In summary, as imports from Vietnam increased, imports of PIY hit yearly high in Oct 2023. Because exports of PIY to US, South Korea, Turkey and India fell, exports of PIY kicked yearly low in Oct 2023.