China's liquefied gas imports increased by 8.33% month on month in May 2024
20 August 2024
According to customs statistics, China imported a total of 3.1667 million tons of LPG products in May 2024, an increase of 8.33% month on month and a decrease of 3.56% year-on-year; In May, China exported a total of 77200 tons of LPG products, a decrease of 27.08% compared to the previous month and an increase of 2.57% year-on-year.
Import:
In May 2024, the total amount of LPG imported into China was 3.1667 million tons, an increase of 243600 tons or 8.33% compared to the previous month, and a decrease of 117000 tons or 3.56% compared to the same period in 2023. In May 2024, the total import volume of propane was 2.4187 million tons, a decrease of 11200 tons or 0.46% compared to the previous month, with an average import price of 625.09 US dollars per ton; Imported 747100 tons of other liquefied butane, an increase of 254500 tons or 51.66% month on month, with an average import price of 623.65 US dollars per ton.
In May 2024, China's liquefied gas imports increased while exports decreased. Mainly due to the introduction of CP decline in May 2024: propane fell by $35 to $580/ton, butane fell by $35 to $585/ton; The equivalent cost to shore is about 4902 yuan/ton for propane and 4942 yuan/ton for butane. In May, the import cost slightly decreased compared to the previous month, and the enthusiasm of importers increased, resulting in an 8.33% increase in import volume. Although the domestic combustion demand was still in the off-season in May, the demand for chemical industry was relatively strong. The downstream PDH operating rate of propane continued to increase, and the downstream deep processing capacity of butane expanded rapidly, resulting in a significant increase in demand and a significant increase in butane imports. In addition, the demand for liquefied gas as a raw material for ethylene cracking remained strong. Overall, China's liquefied gas imports increased in May. In terms of exports, the arbitrage space for traders to switch to exports has narrowed, and the volume of switch to export trade has decreased.
According to customs data, the top five countries for import sources in May 2024 are the United States, the United Arab Emirates, Oman, Qatar, and Saudi Arabia. The import volume from the United States ranks first, with a total of 1.3155 million tons, accounting for 41.54% of the total import volume. The United Arab Emirates ranks second with a total import volume of 753500 tons of liquefied gas, accounting for 23.80%. Oman ranks third with a total import volume of 271700 tons of liquefied gas, accounting for 8.58%. The import volume from the United States decreased this month, while the import volume from the United Arab Emirates increased by 208100 tons of goods by 38.16%.
Export:
The total export volume of liquefied gas in May 2024 was 72700 tons, a decrease of 27000 tons or 27.08% compared to the previous month, and an increase of 1800 tons or 2.57% year-on-year. The top five export destinations are the Philippines, Vietnam, Hong Kong, Singapore, and Macau, China. The total amount of resources flowing to the five trading partners mentioned above is about 69300 tons, accounting for 95.32% of the total export volume. The total export volume from other regions is about 3400 tons.
In May 2024, according to the registered place names, the top five provinces for China's liquefied gas exports were Guangdong Province, Guangxi Zhuang Autonomous Region, Zhejiang Province, Shandong Province, and Hebei Province. The total export volume of these five provinces is 72200 tons, accounting for 93.52%.
Import:
In May 2024, the total amount of LPG imported into China was 3.1667 million tons, an increase of 243600 tons or 8.33% compared to the previous month, and a decrease of 117000 tons or 3.56% compared to the same period in 2023. In May 2024, the total import volume of propane was 2.4187 million tons, a decrease of 11200 tons or 0.46% compared to the previous month, with an average import price of 625.09 US dollars per ton; Imported 747100 tons of other liquefied butane, an increase of 254500 tons or 51.66% month on month, with an average import price of 623.65 US dollars per ton.
In May 2024, China's liquefied gas imports increased while exports decreased. Mainly due to the introduction of CP decline in May 2024: propane fell by $35 to $580/ton, butane fell by $35 to $585/ton; The equivalent cost to shore is about 4902 yuan/ton for propane and 4942 yuan/ton for butane. In May, the import cost slightly decreased compared to the previous month, and the enthusiasm of importers increased, resulting in an 8.33% increase in import volume. Although the domestic combustion demand was still in the off-season in May, the demand for chemical industry was relatively strong. The downstream PDH operating rate of propane continued to increase, and the downstream deep processing capacity of butane expanded rapidly, resulting in a significant increase in demand and a significant increase in butane imports. In addition, the demand for liquefied gas as a raw material for ethylene cracking remained strong. Overall, China's liquefied gas imports increased in May. In terms of exports, the arbitrage space for traders to switch to exports has narrowed, and the volume of switch to export trade has decreased.
According to customs data, the top five countries for import sources in May 2024 are the United States, the United Arab Emirates, Oman, Qatar, and Saudi Arabia. The import volume from the United States ranks first, with a total of 1.3155 million tons, accounting for 41.54% of the total import volume. The United Arab Emirates ranks second with a total import volume of 753500 tons of liquefied gas, accounting for 23.80%. Oman ranks third with a total import volume of 271700 tons of liquefied gas, accounting for 8.58%. The import volume from the United States decreased this month, while the import volume from the United Arab Emirates increased by 208100 tons of goods by 38.16%.
Export:
The total export volume of liquefied gas in May 2024 was 72700 tons, a decrease of 27000 tons or 27.08% compared to the previous month, and an increase of 1800 tons or 2.57% year-on-year. The top five export destinations are the Philippines, Vietnam, Hong Kong, Singapore, and Macau, China. The total amount of resources flowing to the five trading partners mentioned above is about 69300 tons, accounting for 95.32% of the total export volume. The total export volume from other regions is about 3400 tons.
In May 2024, according to the registered place names, the top five provinces for China's liquefied gas exports were Guangdong Province, Guangxi Zhuang Autonomous Region, Zhejiang Province, Shandong Province, and Hebei Province. The total export volume of these five provinces is 72200 tons, accounting for 93.52%.