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Insight | Time:Jul 12 2018 3:31PM
Polyester products exports uncommon in the first 5 months of 2018
 
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Polyester import and export volume respectively increased 99 and 555kt during Jan-May. Net exports raised 455kt. Assessed on this figure, polyester net exports may increase 550kt in H1 0218, equivalent to 1/5 polyester output in the first half of 2018, very remarkable growth.

Figure 1. Polyester products import and export in Jan-May(KT)
  2016 2017 2018
Imports 259.2 281 380.2
Imports change -18 21.8 99.2
Exports 2312.3 2307.6 2862.3
Exports change 282.6 -4.7 554.7
Net exports change 300.6 -26.5 455.5


The massive export growth is mainly contributed by PET bottle chip, followed by PFY, then PET film.

Figure 2. Polyester products exports y-o-y growth in Jan-May 2018 (KT)
Product Y-o-y growth
PET bottle chip 384
PFY 152
PET film 33
PSF -5
PET fiber chip -9


China PET bottle chip export started to see marked increase since last September, primarily because of supply shortage in overseas market. So far, if overseas supply doesn't recover, growing space still exists. Amid strong foreign demand and slower than expected domestic capacity release, China PET bottle chip cash flow skyrocketed.

PFY exports maintained steady growth in recent years, while 2017 is due to stock shortage, hence products are used to fulfill domestic demand first. PFY export regains growth in 2018.

DTY possesses the largest share in PFY export, and may continue expanding in the future. PIY share slips while other specs like POY keeps steady and FDY inches lower.

PFY exports increase in Jan-May is mainly contributed by DTY, then POY. PIY saw limited increase in past 2 years.

PSF exports generally maintains steady. PET film export has been increasing steadily but with limited volume.

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