China's PX imports plunge in April 2026

China's PX imports steadily climbed from January to March, but then plummeted in April 2026.

From January to March 2026, the import volume increased month by month from 848.2kt to 1,040.2kt, maintaining positive year-on-year growth. In April, however, the import volume plummeted to 694.3kt, a month-on-month decrease of 33.26%, and recording a negative year-on-year growth. This monthly import volume was also the lowest since February 2025.

In terms of origins, imports from Japan and South Korea fell sharply, while imports from Brunei grew against the overall trend, showing a structural differentiation.

Among the top nine import sources and regions, only PX imports from Brunei showed an increase, while imports from India remained flat. Imports from all other sources experienced significant declines in April 2026.

In terms of the magnitude of decline, imports from Vietnam saw the deepest drop, falling to zero in April. Imports from Singapore contracted by 75% month on month, the second largest decline; followed by imports from Japan (-53%) and South Korea (-36%).

In terms of absolute reduction, imports from South Korea saw the largest decrease, with a drop of 165.2kt in April, followed by imports from Japan (-79.1kt) from the previous month. Among Southeast Asian countries, imports from Vietnam dropped to zero, imports from Singapore shrank sharply, while only imports from Brunei bucked the trend with a 10% increase, making it the only source among the major ones to record positive month-on-month growth.

The decline in China's PX imports was attributed to lower overseas PX plant operating rates.

Since the outbreak of the Middle East war, impacted by shortages of raw material supply, the operating rates of PX units in Asia have dropped sharply since the end of February. Overseas PX supply outside China began to decline significantly from March onward.

However, due to the fact that some February-loaded cargoes were reflected in March customs data, as well as the buffer effects of in-transit maritime inventory and suppliers' own inventory, this supply-side contraction had not yet fully transmitted to China's import volumes in March, and March imports continued to rise.

In April, the effects of the supply contraction were released significantly, and China's PX imports plummeted correspondingly.

In China's major import sources, South Korea, Japan, and Taiwan all saw operating rates dropping sharply.

As for South Korea, in April, the country's PX production decreased by 103,000 tons compared to March, while China's imports from South Korea fell by 165,000 tons over the same period. The reduction in imports far exceeded the reduction in production. Firstly, this may be because South Korea prioritized its domestic supply chain. Additionally, it may be due to the sharp decline in South Korea's production which was partly reflected in China's April PX imports.

As for Japan, in April, its PX production decreased by 85,000 tons compared to March, while China's imports from Japan fell by 79,000 tons over the same period. The reduction in imports was slightly smaller than the reduction in production, and the two figures largely match, indicating nearly all of Japan's production cuts were reflected in reduced exports to China.

In terms of Taiwan, in April, its production decreased by 59,000 tons compared to March, while Chinese mainland's imports from Taiwan fell by 31,000 tons over the same period. The reduction in imports was smaller than the reduction in production, as PTA plant reduced operating rate and thus consumed less PX.

In addition, Taiwan's FCFC PX plant began planned maintenance in mid-April, leading to a significant drop in its PX operating rate, with the turnaround lasting until early June. It is expected that Taiwan's PX export volumes will decrease further in May.

In terms of Hengyi Brunei, in April, its production decreased by 19,300 tons, while China's PX imports from Brunei increased by 10,300 tons. This was due to shipping delays. It is expected that export volumes from Brunei will decrease in May.

Furthermore, PX operating rates in all of the above regions except Japan continued to decline in May. Considering that Japan's rebound will be limited, along with the time lag in customs statistics and the drop in production, it is expected that China's PX import volumes will decline further in May.