Stats: India’s Q1 PVC imports slump, falling significantly short of last year's strong performance

According to ChemOrbis Stats Wizard data, India’s cumulative PVC (S-PVC+E-PVC) imports in the first quarter showed a visible decline of nearly 26% compared to the same period of last year to reach around 709,900 tons. During the January-March period last year, PVC imports into the country neared the 1 million ton-threshold, reaching an all-time high. Accordingly, the Q1 2024 imports fell significantly short of last year’s strong performance.



China retains the lion’s share despite some losses

China remained the top PVC supplier of India in the first quarter of 2024 with 223,230 tons contributed to the cumulative volume and with its 31.4% share in the market. However, compared to the same period of 2023, Chinese PVC imported to the country showed a decline of around 6%.

Japan ranked the second top PVC supplier of India with 127,970 tons and a market share of 18%. In the same period of last year, Japan held nearly 12% of the market and ranked the third after Taiwan. The United States, becoming the third biggest PVC supplier of India in Q1, also ramped up its PVC sales to the country with 105,390 tons and a market share of nearly 15%.

Taiwan dropped to fourth place in the biggest PVC suppliers list with 96,150 tons and a share of 13.5% while it occupied the second place in the same period of last year. South Korea remained in the fifth place with 87,220 tons and around 12% market share although the country’s market share increased by more than 4% when compared to the Q1 level recorded in 2023.

March volume makes the largest contribution to Q1 figures

Looking at the total volume in March 2024 alone, India’s PVC imports witnessed a monthly increase of 23% after two straight months of declines and were reported at almost 260,000 tons. Accordingly, the largest contribution to Q1 data was made by the March volume.

On the other hand, the March figure was still 37% lower than the same month last year.