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[Industry Focus]：China's chemical import and export market has exploded, 1.1 trillion new opportunities for the US dollar market.

Read： 395 Time：5months ago Source：化工平头哥

Overview of Import and Export Trade of China's Chemical Industry in 1.

With the rapid development of China's chemical industry, its import and export trade market has also shown a blowout growth. From the data from 2017 to 2023, the amount of China's chemical import and export trade has increased from US $504.6 billion to more than US $1.1 trillion, with an average annual growth rate of 15%. Among them, the import amount is close to 900 billion US dollars, mainly concentrated in energy-related products, such as crude oil, natural gas, etc.; the export amount exceeds 240 billion US dollars, mainly products with serious homogenization and greater consumption pressure in the domestic market.

Figure 1 China Customs Chemical Industry Import and Export International Trade Statistics (Unit: US $billion)

data source: China Customs

analysis on the Motivation of 2. Import Trade Growth

the main reasons for the rapid growth of import trade in China's chemical industry are as follows:

large demand for energy products: as the world's largest producer and consumer of chemical products, China has a huge demand for energy products and a huge import volume, which has led to the rapid growth of total imports.
Low carbon energy trends as a low-carbon energy source, the import volume of natural gas has been growing rapidly in the past few years, which has further promoted the growth of import value.
Increased demand for new materials and new energy chemicals: in addition to energy products, imports of new materials and new energy-related chemicals also grew faster, reflecting the growing demand for high-end products in China's chemical industry.
consumer market demand does not match: the total amount of import trade in China's chemical industry has always been higher than the total amount of export trade, showing the current mismatch between China's chemical consumption market and its own supply market.

Characteristics of changes in 3. export trade

the changes in the amount of export trade in China's chemical industry show the following characteristics:

export markets are growing: china's petrochemical enterprises actively seek the support of the international consumer market, the export market value showed positive growth.
Export varieties concentrated: the faster-growing export products are mainly concentrated in products with more serious homogenization and greater consumption pressure in the domestic market, such as oil products and derivatives, polyesters and products.
The Southeast Asian market is important: the Southeast Asian market is one of the most important countries for the export of Chinese chemical products, accounting for about 24% of the total export value, which shows the competitiveness of Chinese chemical products in the Southeast Asian market.

4. development trends and strategic recommendations

in the future, the import market of China's chemical industry will be mainly concentrated in the fields of energy, polymer materials, new energy and related materials and chemicals. These products will have more room for development in the Chinese market. For the export market, enterprises should pay attention to the overseas markets related to traditional chemicals and products, formulate overseas development strategic plans, actively explore new markets, improve the international competitiveness of products, and lay a good foundation for the long-term sustainable development of enterprises. At the same time, enterprises also need to pay close attention to domestic and foreign policy changes, market demand and technology development trends, and make more effective strategic decisions.

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