Stats: China’s PP trade swings back to net-import position in September and Q3

China’s PP trade data for September and Q3 indicate a return to a net-import pattern, reversing the brief net-exporter position seen in August and Q2. Imports rose on both a monthly and quarterly basis and surpassed exports, partly supported by seasonal “Golden September” demand and restocking activity. Meanwhile, exports lost momentum as overseas demand softened, and global competition intensified.

Net-export momentum fades in September

China’s September PP exports fell by nearly 14% from August to their lowest level in three months, although they remained 22% higher on a year-on-year basis. Vietnam (16%) retained its position as the largest export destination, followed by Indonesia (8%) and Bangladesh (7%).

In contrast, PP imports increased more than 17% month-on-month to reach their highest level since March, although they remained nearly 3% below September 2024 levels. South Korea (19%), the UAE (17%), and Singapore (16%) were the top suppliers.

In value terms, September export revenue slipped to $240 million, the weakest level since January, while imports totaled $307 million, considerably below July’s value despite higher volumes. The gap between rising volumes and lower trade values highlights prolonged price erosion in China’s import PP market. ChemOrbis Price Index data show import prices for homo-PP raffia and injection, and PP block copolymer injection have been trending lower since mid-July, reaching more than five-year lows by late October.

Narrow import-export gap persists in Q3

Quarterly figures reflected the same dynamic: imports exceeded exports by only 42,520 tons, underscoring a relatively narrow balance even as China lost its temporary net-exporter status. Although Q3 exports did not maintain Q2 levels, the modest deficit still points to increased domestic production capacity and ongoing efforts to expand PP exports.

Q3 PP exports were down nearly 7% quarter-on-quarter but up 38% from a year earlier. Imports rose over 5% from Q2 but declined nearly 13% year-on-year. In monetary terms, Q3 exports totaled $782 million versus $896 million in imports.