China’s plastic exports grew for four consecutive years in 2024

Plastic exports are increasing in China, where plastic production capacity is expanding and demand is still sluggish. Statistics from the Japan Plastics Industry Federation show that China’s plastic exports in 2024 will increase by 25% compared with 2023. Imports decreased by 2% year-on-year, and net imports have decreased for four consecutive years. Concerns that China’s cheap exports may depress Asian markets are increasing.

In 2024, the export volume of plastics (pure raw materials) such as synthetic resins and synthetic fibers was 25.65 million tons, and the import volume was 28.98 million tons. Both the increase in exports and the decrease in imports have occurred for four consecutive years.

The net import volume of imports minus exports exceeded 30 million tons in 2020, but it decreased to about 3 million tons in 2024. On a monthly basis, in June 2024, exports turned into net exports with exports exceeding imports by 30 million tons. In 2024, the export volume increased by 25%, but the export value increased by only 13%, indicating that China is shifting to low-price exports against the backdrop of sluggish domestic demand.

By category, exports of polypropylene, one of the synthetic resins used for food packaging and auto parts, increased significantly by 82%, while imports decreased by 10%. In recent years, China’s production bases for propylene and polypropylene are increasing.

From the perspective of polyvinyl chloride resins used for water pipes and daily necessities, exports increased by 14% and imports decreased by 18% due to the shrinking domestic demand in China caused by the long-term real estate recession. This has become the main reason for the decline in export prices of manufacturers such as Japan to India and other places. Exports of polystyrene used for food packaging and home appliances increased by 21%, while imports decreased by 8%.

By country, in terms of exports, exports to Vietnam increased by 54%, showing a significant increase. In terms of imports, imports from South Korea, the United States and Saudi Arabia, which rank high in market share, decreased, while imports from the United Arab Emirates (UAE) increased by 25%. It seems that the increase is due to lower unit prices than other countries. Imports from the United States, which account for 12% of imports, may decrease in 2025 due to the Trump administration’s tariff policy and retaliatory tariffs.

In the Asian market, manufacturers from various countries are exporting less to China, while Chinese manufacturers are exporting more, leading to a slowdown in demand for many categories. Although China’s domestic demand is recovering slowly, it plans to continue to expand its production scale, so net imports may continue to decrease in the future. In addition, if China turns to net exports, the possibility of a gradual decline in the market will increase as oversupply in Asia increases.