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Insight | Time: Jan 25 2022 10:34AM  Editor:CCFGroup
Import and export of PFY in 2021
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Export: high at first but declined later, in expectation of falling growth rate in 2022

Exports of PFY surged greatly in the first half of 2021 but apparently weakened in the second half of year dragged down by the spread of pandemic and high sea freight.


According to the latest data from China customs, exports of PFY amounted to 2,997kt in 2021, up 10.5% on the year and 11.4% from 2019 level respectively. Among these, exports approached 1,632kt in the first half of year, up 44.6% over last year and 23.1% from the 2019 level respectively, and totaled 1,365kt in the second half of 2021, down by 13.7% on annual basis and basically flatting with 2019.


Exports of PFY by variety in 2021
Variety Volume (kt) YOY change
POY 530 -6.40%
DTY 1293 3.90%
FDY 521 30.10%
PIY 563 30.70%
Textured yarn 69 26.60%
Other PFY 22 43.20%

Whopping PFY exports were mainly bolstered by FDY and PIY in 2021.

Export destinations of PFY in 2019-2021 (Unit: tons)
Nation 2019 2020 2021 Compared with 2020
India 59785 116021 288400 148.60%
Egypt 263790 289864 274155 -5.40%
Vietnam 301254 266520 268038 0.60%
Pakistan 185159 212502 257245 21.10%
Turkey 403656 329127 251761 -23.50%
South Korea 202115 206255 212241 2.90%
Brazil 189619 228483 209651 -8.20%
Bangladesh 94808 111772 161431 44.40%
Indonesia 100958 120459 107231 -11.00%
US 72399 61624 73676 19.60%
Mexico 67736 59371 73514 23.80%
Columbia 38760 41426 59095 42.70%
Other 709769 667623 760514 13.90%
Total 2689808 2711048 2996951 10.50%

India jumped to the first place in 2021 among major export destinations of China-made PFY, accounting for near 10% of the total and up by 148.6% over last year. India imported booming PFY from China at the beginning of 2021 after the anti-dumping tariff on China-made PFY was canceled temporarily, peaked in March, rapidly retreated after Q1 and remained modest in the second half of 2021. Exports of PFY to India is expected to reduce a lot in 2022. Exports of PFY to Turkey dropped prominently, with the ranking down to 5 in 2021 from the top 1 in 2019. Exports of PFY to Bangladesh and Pakistan quickly grew and may have upward space in the future.


Zhejiang, Jiangsu and Fujian sustained the top 3 PFY export origins in 2021. The proportion of Zhejiang was at 70.8%, down by 2.1% on the year, that of Jiangsu was at 15.6%, a year-on-year increase of 1.9% and that of Fujian approached 10.2%, up by 0.3% compared with last year.


With the normalization of pandemic prevention and control, the COVID-19 pandemic may pose weaker influence on the daily life of people and demand is likely to improve further. Exports of PFY are expected to keep growing in 2022 but the increment may fall.

Import: boosted by PIY, PFY imports hit periodical peak

With expanding capacity in local China in recent years, imports of PFY continued decreasing. Imports of PIY apparently hiked in 2021 after Hailide鈥檚 unit in Vietnam commissioned operation, which stimulated PFY imports to see a big growth.


Imports of PFY by nations in 2019-2021 (Unit: tons)
Nation 2019 2020 2021
Taiwan, China  53978 42102 52102
Vietnam 8373 9782 35943
South Korea 12556 7087 7943
Thailand  7508 5228 4601
US 6376 3502 4323
France 112 64 2650
Indonesia  4560 4473 2595
Japan 2617 1851 2164
Others  10704 9273 4911
Total  106784 83363 117231

Imports of PFY totaled 117kt throughout 2021, a year-on-year increase of 40.6%. Among this, imports of PIY amounted to 46kt, accounting for 40% of the total imports and up by 153.3% on annual basis; imports of textile filament rose by 8.8% year on year to 71kt.


There are many new PFY capacity to be launched in 2022. That means import of textile filament is likely to dive further. Meanwhile, Hailide Vietnam may also export more PIY to other nations. Thus, imports of PFY were supposed to hit periodical peak in 2021 and are anticipated to gradually fall from 2022.

[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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