CHINA’S PLASTIC INDUSTRY: IMPORT AND EXPORT TRENDS WITH FORECAST


 

GLOBAL TRADE SCENARIO OF THE PLASTIC INDUSTRY

 

The plastic industry of the world as per the Import Export Data report was valued at USD 609.01 billion in the year 2022. The market size of the plastic industry is going to rise at an annual CAGR of 3.98% till 2030 due to its increased usage in multiple domains of life. Plastic is used extensively in the field of construction, vehicles, and the electric industry so as to comply with the new norms in every industry such as vehicle weight reduction, boosting fuel efficiency, reduction in carbon emissions, etc.  On the other hand, in most of the emerging and developing nations such as Brazil, Mexico, and India, the construction and development projects are growing due to which the demand for plastic is growing considerably.

 

As per the Global Trade Data report, for the past few years, the international trade of plastic has also grown due to the rising demand for plastic across the world. Refer to the table below:

 

IMPORTS AND EXPORTS OF PLASTIC IN THE WORLD (2018-2022)

YEAR

GLOBAL IMPORTS

GLOBAL EXPORTS

TOTAL TRADE

2018

USD 671.54 billion

USD 656.09 billion

USD 1.32 trillion

2019

USD 641.12 billion

USD 625.67 billion

USD 1.26 trillion

2020

USD 612.74 billion

USD 611.37 billion

USD 1.22 trillion

2021

USD 802.71 billion

USD 807.90 billion

USD 1.61 trillion

2022

USD 808.92 billion

USD 807.05 billion

USD 1.61 trillion

 

CHINA’S PLASTIC INDUSTRY TRADE ANALYSIS

 

Demand for plastic in China by volume is the highest across the globe. China is considered one of the major importers as well as exporters of plastic in the world. On comparing the revenues, it is claimed that polyethylene is the major product by share (25.32%) that generates most of the revenue for China as it is widely used in packaging like boxes, crates, containers, bottles, etc.

 

As per the Export Import Data report of China for the year 2022, total exports of plastic from China to the world were USD 143.52 billion. Plastic became the 4th largest exported product from China in the year 2022. Similarly, China also imported plastic worth USD 75.18 billion from the world in the same year making it the 8th largest imported product of China.

 

TOP IMPORT PARTNERS OF CHINA FOR PLASTIC IN THE YEAR 2022

 

As per the Import Export Data report of China, the top import partners of China, i.e., from whom China imported plastic in the year 2022 were as follows:

 

·        Korea (USD 12.96 billion)

·        Japan (USD 10.53 billion)

·        Taiwan (USD 8.17 billion)

·        The USA (USD 7.79 billion)

·        Saudi Arabia (USD 4.78 billion)

·        Singapore (USD 4 billion)

 

Just like that, the other major import partners of China were Germany, the UAE, Iran, and Malaysia.

 

TOP EXPORT PARTNERS OF CHINA FOR PLASTIC IN THE YEAR 2022

According to the Export Import Data report of China for the year 2022, the major countries to whom China exported plastic were as follows:

 

·        The USA (USD 27.36 billion)

·        Vietnam (USD 7.21 billion)

·        Japan (USD 6.36 billion)

·        India (USD 6.03 billion)

·        Korea (USD 5.40 billion)

·        Malaysia (USD 4.61 billion)

 

Other than these top countries, other crucial export partners of China were Thailand, Russia, Singapore, and the Philippines.

 

FINAL VERDICT – THE CONCLUSION

 

Indeed, the plastic industry has a measurable contribution to the economy of China. It is forecasted that in upcoming years, the trade of plastic would rise as developmental projects across the globe are catching pace. For more information regarding the same, contact TradeImeX today. We are the best market research firm available online that provides trade data of 70+ nations with 100% accuracy and authenticity.

 

WEBSITE: https://www.tradeimex.in | EMAIL ID: info@tradeimex.in

Source URL: https://writeonwall.com/chinas-plastic-industry-import-and-export-trends-with-forecast-2/

Location: Pitampura, New Delhi, Delhi, India

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