China's LPG import volume increased on a month on month basis compared to the same period last year

In March 2024, China's LPG import volume increased on a month on month basis compared to the same period last year According to customs statistics, in March 2024, China imported 3.0809 million tons of LPG products, an increase of 45.81% month on month and 50.99% year-on-year; In March, China exported a total of 70900 tons of LPG products, a month on month decrease of 4.23% and a year-on-year decrease of 12.40%. In March 2024, China's total import of LPG was 3.0809 million tons, an increase of 967900 tons or 45.81% compared to the previous month, and an increase of 1.004 million tons or 50.99% compared to the same period in 2023. In March 2024, the total import volume of propane was 2.6351 million tons, an increase of 773900 tons or 41.58% compared to the previous month, with an average import price of 635.99 US dollars per ton; Imported 445400 tons of other liquefied butane, an increase of 193900 tons or 77.10% month on month, with an average import price of 639.87 US dollars per ton. The month on month increase in import volume in March 2024 was significant, mainly due to: on the one hand, the introduction of CP remained unchanged in March, and the decrease in import costs to some extent drove the enthusiasm of importers to operate. Propane stabilized at $630/ton and butane stabilized at $640/ton; The equivalent onshore cost is about 4950 yuan/ton for propane and 5063 yuan/ton for butane. In March, import costs decreased month on month, and importers showed an increase in enthusiasm for operations. In addition, after the Spring Festival, downstream devices have gradually returned to normal and consumption has increased. And in the first quarter of 2024, there is still new production capacity in domestic chemical demand, and the growth of chemical consumption has driven the import volume to increase again. Therefore, the import volume in March 2024 showed a significant month on month growth. According to customs data, in March 2024, the top five sources of LPG imports from China were the United States, the United Arab Emirates, Qatar, Saudi Arabia, and Oman. The import volume from the United States still ranks first, with a total of 1.6495 million tons, accounting for 53.54% of the total import volume. The second ranked country is the United Arab Emirates, with a total import volume of 721700 tons of liquefied gas, accounting for 23.43%. The third ranked country, Qatar, has a total import volume of 206300 tons of liquefied gas. In March 2024, liquefied gas exports reached 70900 tons, a decrease of 0.300 tons or 4.23% compared to the previous month, and a decrease of 1.000 tons or 12.40% year-on-year. The top five export destinations are Hong Kong, the Philippines, Vietnam, Macau. The total amount of resources flowing to the five trading partners mentioned above is about 68600 tons, accounting for 96.94% of the total export volume. The total export volume from other regions is about 21700 tons.