By Zhu Min, Sublime China Information Co., Ltd.

The imports and exports of China’s unsaturated polyester resin (UPR) picked up in the first three quarters in 2023 (see Figure 1), with low imports of 4 700 tons, up 17.40% month-on-month but down 10.53% year-on-year. The exports surged to a recent three-year high of 35 500 tons (see Figure 2), up 18.07% month-on-month and 59.63% year-on-year. And UPR maintained net exports.

  Figure 1 China’s UPR imports and prices comparison in the first three quarters         during 2022 to 2023

   Figure 2 China’s UPR exports and prices comparison in the first three quarters         during 2022 to 2023

Import: high domestic self-efficiency and downstream demand slowdown led to less imports

In the first three quarters of 2023, import trade partners of China’s UPR were primarily Taiwan of China, South Korea and Japan (see Figure 3), with Taiwan of China being the biggest UPR import source of Chinese mainland with 1 083 tons, up 22.26% month-on-month and down 7.01% year-on-year, followed by South Korea with the imports of 976 tons, reducing 3.71% month-on-month and 21.98% year-on-year. And the last one was Japan, with the imports of 775 tons, down 0.22% month-on-month and 30.30% year-on-year. Generally, the UPR supply from above traders in the first three quarters of 2023 plummeted, which on one hand was due to expanding capacity of domestic UPR. On the other hand, the consumption demand of real estate and infrastructure slowed down, mainly relying on present domestic supply with low demand for imports. Moreover, high UPR prices also constrained consumption demand. 

Figure 3 China’s UPR import trade partners in the first three quarters of 2023

Export: exports hit a new record high with strong demand from Southeast Asia

Contrary to imports, UPR exports in the first three quarters of 2023 were 35 500 tons, which have been the highest volume in the past three years, up 18.07% month-on-month and 59.63% year-on-year. Seen from export trade partners, China’s UPR in the same period was mainly exported to Southeast Asia, such as Vietnam, Thailand and Malaysia (see Figure 4), and other partners  are mostly near-sea countries. 

Figure 4 China’s UPR export trade partners in the first three quarters of 2023

    Domestically, UPR capacity will keep expanding. With saturated consumption demand and output flattening out, some leading UPR enterprises will actively seek opportunities in overseas market. And China’s UPR exports are expected to remain strong.