China's Chemical Trade to Soar to $1.949 trillion in 2024

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In 2024, China's chemical industry's total imports and exports increased by 1.2 percent, exports increased by 3.3 percent, and prices rose and fell. The main trading partners were the United States and South Korea, with crude oil imports accounting for 26.3 percent.

driven by the global economic recovery and rising trade demand, China's chemical industry delivered a brilliant report card in 2024. According to the latest data from the China Minmetals and Chemical Import and Export Chamber of Commerce, the total import and export volume of the industry for the whole year reached 1.949 trillion billion US dollars, a slight increase of 1.2 per cent over the same period last year, marking the industry's continued steady performance in the global market.

Market data overview

in terms of exports, the Chinese industrial and commercial industry showed strong growth momentum. The total export volume for the whole year climbed to 713.1 billion US dollars, an increase of 3.3 per cent. Despite the challenge of a 11.2 per cent decline in export prices, the export volume of chemical products increased by 16.3 per cent, highlighting the strong market demand. At the same time, total imports remained stable at $1.2361 trillion, and the trade deficit remained at $523 billion.

Price and quantity adjustment

from the perspective of price and quantity changes, China's chemical industry will show the characteristics of "volume increase and price decrease" in 2024. In terms of exports, although the export value of chemical products fell slightly by 0.2 to 311.5 billion billion US dollars, accounting for 43.7 per cent of total exports, the increase in export volume effectively compensated for the losses caused by the decline in prices. On the import side, imports of chemicals fell by 2.9 per cent to $629.9 billion, accounting for 51 per cent of total imports, a slight 1.7 per cent increase in imports combined with a slight 1.7 per cent decline in prices.

Market Distribution and Commodity Structure 

In terms of export markets, the main export targets of China's chemical industry include the United States, South Korea, Vietnam, India and Hong Kong. The demand for Chinese chemical products in these markets continues to be strong. In terms of import sources, Australia, Russia, Malaysia, Saudi Arabia and Brazil have become the main import partners of China's chemical industry, providing a wealth of chemical raw materials and products for the Chinese market.

in terms of commodity structure, refined oil has become the second largest export category in China's chemical industry, accounting for 5.9 per cent of total exports, demonstrating China's important position in the global energy market. At the same time, crude oil remains the largest import product, accounting for 26.3 per cent of total imports, reflecting China's continued concern and demand for energy security.

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