China's Folding Boxboard Exports Fall by 14%, Dropping to $3.4 Billion in 2023

China Folding Boxboard Exports

In 2023, the amount of folding boxboard exported from China shrank slightly to 3.1M tons, falling by -1.9% against the previous year's figure. In general, total exports indicated buoyant growth from 2013 to 2023: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +61.7% against 2021 indices. The pace of growth was the most pronounced in 2022 when exports increased by 65% against the previous year. As a result, the exports attained the peak of 3.2M tons, and then shrank modestly in the following year.

In value terms, folding boxboard exports contracted to $3.4B (IndexBox estimates) in 2023. Overall, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2022 when exports increased by 68% against the previous year. As a result, the exports attained the peak of $3.9B, and then contracted in the following year.

Exports by Country

Vietnam (312K tons), Russia (247K tons) and Turkey (214K tons) were the main destinations of folding boxboard exports from China, together comprising 25% of total exports.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +18.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for folding boxboard exported from China were Russia ($349M), Vietnam ($339M) and Turkey ($176M), together comprising 26% of total exports.

In terms of the main countries of destination, Russia, with a CAGR of +23.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Paper and paperboard; multi-ply, coated with kaolin or other inorganic substances only, for non-graphic purposes, n.e.c. in heading no. 4810, in rolls or sheets (1.7M tons) was the largest type of folding boxboard exported from China, with a 55% share of total exports. Moreover, paper and paperboard; multi-ply, coated with kaolin or other inorganic substances only, for non-graphic purposes, n.e.c. in heading no. 4810, in rolls or sheets exceeded the volume of the second product type, kraft paper and paperboard, bleached uniformly throughout the mass and containing > 95% chemically processed wood fibres by weight in relation to the total fibre content, coated on one or both sides with kaolin or other inorganic substances, in rolls or in square or rectangular sheets, of any size, weighing > 150 g/m (686K tons), threefold. Paper and paperboard, surface-coloured, surface-decorated or printed, coated, impregnated or covered with artificial resins or plastics, in rolls or in square or rectangular sheets, of any size (excluding bleached and weighing > 150 g/m, and adhesives) (354K tons) ranked third in terms of total exports with an 11% share.

From 2013 to 2023, the average annual growth rate of the volume of paper and paperboard; multi-ply, coated with kaolin or other inorganic substances only, for non-graphic purposes, n.e.c. in heading no. 4810, in rolls or sheets exports totaled +8.7%. With regard to the other exported products, the following average annual rates of growth were recorded: kraft paper and paperboard, bleached uniformly throughout the mass and containing > 95% chemically processed wood fibres by weight in relation to the total fibre content, coated on one or both sides with kaolin or other inorganic substances, in rolls or in square or rectangular sheets, of any size, weighing > 150 g/m (+5.4% per year) and paper and paperboard, surface-coloured, surface-decorated or printed, coated, impregnated or covered with artificial resins or plastics, in rolls or in square or rectangular sheets, of any size (excluding bleached and weighing > 150 g/m, and adhesives) (+10.9% per year).

In value terms, paper and paperboard; multi-ply, coated with kaolin or other inorganic substances only, for non-graphic purposes, n.e.c. in heading no. 4810, in rolls or sheets ($1.4B) emerged as the largest type of folding boxboard exported from China, comprising 43% of total exports. The second position in the ranking was taken by kraft paper and paperboard, bleached uniformly throughout the mass and containing > 95% chemically processed wood fibres by weight in relation to the total fibre content, coated on one or both sides with kaolin or other inorganic substances, in rolls or in square or rectangular sheets, of any size, weighing > 150 g/m ($652M), with a 19% share of total exports. It was followed by paper and paperboard, surface-coloured, surface-decorated or printed, coated, impregnated or covered with artificial resins or plastics, in rolls or in square or rectangular sheets, of any size (excluding bleached and weighing > 150 g/m, and adhesives), with an 18% share.

From 2013 to 2023, the average annual rate of growth in terms of the value of paper and paperboard; multi-ply, coated with kaolin or other inorganic substances only, for non-graphic purposes, n.e.c. in heading no. 4810, in rolls or sheets exports stood at +8.4%. With regard to the other exported products, the following average annual rates of growth were recorded: kraft paper and paperboard, bleached uniformly throughout the mass and containing > 95% chemically processed wood fibres by weight in relation to the total fibre content, coated on one or both sides with kaolin or other inorganic substances, in rolls or in square or rectangular sheets, of any size, weighing > 150 g/m (+6.6% per year) and paper and paperboard, surface-coloured, surface-decorated or printed, coated, impregnated or covered with artificial resins or plastics, in rolls or in square or rectangular sheets, of any size (excluding bleached and weighing > 150 g/m, and adhesives) (+8.2% per year).

Export Prices by Country

In 2023, the folding boxboard price stood at $1,072 per ton (FOB, China), declining by -12.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 9.4%. The export price peaked at $1,222 per ton in 2022, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($1,412 per ton), while the average price for exports to Turkey ($821 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform