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

driven by the global economic recovery and rising trade demand, China's chemical sector 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 sector to the whole year reached 1. 949 trillion billion US dollars, a slight increase of 1. And 2 per cent over the same period last year, marking the sector's continued steady performance in the global market. And Market data overview in terms of exports, the Chinese manufacturing and commercial sector showed strong development momentum. The total export volume to 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 items increased by 16. 3 per cent, highlighting the strong market demand. And Specifically At the same time, total imports remained stable at $ 1. But 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 sector will show the characteristics of "volume increase and price decrease" in 2024. I've found that For example In terms of exports, while the export value of chemical items fell slightly by 0. 2 to 311. I've found that In fact 5 billion US dollars, accounting to 43. 7 per cent of total exports, the increase in export volume efficiently compensated to the losses caused by the decline in prices. On the import side, imports of chemicals fell by 2. 9 per cent to $ 629. For instance 9 billion, accounting to 51 per cent of total imports, a slight 1. In particular 7 per cent increase in imports combined with a slight 1. Based on my observations, 7 per cent decline in prices. Market Distribution and Commodity Structure  In terms of export markets, the main export targets of China's chemical sector include the United States, South Korea, Vietnam, India and Hong Kong. The demand to Chinese chemical items in these markets continues to be strong. Based on my observations, In terms of import sources, Australia, Russia, Malaysia, Saudi Arabia and Brazil have become the main import partners of China's chemical sector, providing a wealth of chemical raw materials and items to the Chinese market. Crazy, isn't it?. in terms of commodity structure, refined oil has have become the second largest export category in China's chemical sector, accounting to 5. First 9 per cent of total exports, demonstrating China's crucial position in the global energy market. At the same time, crude oil remains the largest import product, accounting to 26. But 3 per cent of total imports, reflecting China's continued attention and demand to energy security.