China: O-Xylene Market 2024

O-Xylene Market Size in China

After two years of growth, the Chinese o-xylene market decreased by -59.6% to $X in 2022. Overall, consumption saw a precipitous descent. O-xylene consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

O-Xylene Exports

Exports from China

After three years of decline, shipments abroad of o-xylene increased by 5.9% to X tons in 2022. Over the period under review, exports, however, showed a deep downturn. The growth pace was the most rapid in 2018 when exports increased by 114% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, o-xylene exports expanded significantly to $X in 2022. In general, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2017 when exports increased by 192%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for o-xylene exports from China, accounting for a 45% share of total exports. Moreover, o-xylene exports to South Korea exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by Malaysia (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea stood at +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-28.3% per year) and Malaysia (-13.1% per year).

In value terms, South Korea ($X) emerged as the key foreign market for o-xylene exports from China, comprising 45% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 15% share of total exports. It was followed by Malaysia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to South Korea totaled +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-31.1% per year) and Malaysia (-17.7% per year).

Export Prices by Country

In 2022, the average o-xylene export price amounted to $X per ton, with an increase of 6.5% against the previous year. In general, the export price, however, recorded a perceptible decline. The pace of growth was the most pronounced in 2017 when the average export price increased by 80% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Belgium ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Malaysia ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

O-Xylene Imports

Imports into China

In 2022, o-xylene imports into China dropped notably to X tons, waning by -65.7% compared with the previous year. In general, imports saw a precipitous curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 122% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, o-xylene imports declined sharply to $X in 2022. Overall, imports recorded a precipitous decline. The most prominent rate of growth was recorded in 2020 with an increase of 41% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons) constituted the largest supplier of o-xylene to China, with a 59% share of total imports. Moreover, o-xylene imports from Singapore exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Singapore totaled -4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-18.4% per year) and Japan (-16.4% per year).

In value terms, Singapore ($X) constituted the largest supplier of o-xylene to China, comprising 58% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Singapore amounted to -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-20.8% per year) and Japan (-19.3% per year).

Import Prices by Country

In 2022, the average o-xylene import price amounted to $X per ton, jumping by 42% against the previous year. Overall, the import price, however, continues to indicate a perceptible downturn. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per ton) and Japan ($X per ton), while the price for India ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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