China's Chemical Trade Surges to $1.949 Trillion in 2024

According to the China Minmetals Chemical Import and Export Chamber, the Chinese chemical industry experienced a positive trade growth in 2024, driven by a recovering global economy and rising trade demand. The total import and export value for the year reached $1.949 trillion, reflecting a 1.2% increase from the previous year.

Exports totaled $713.1 billion, marking a 3.3% growth, while imports remained stable at $1.2361 trillion, resulting in a trade deficit of $523 billion. Notably, the export volume of chemical products grew 16.3%, despite a decline in export prices by 11.2%. Similarly, import volumes rose by 1.7%, while prices decreased by 1.7%.

Chemical products accounted for a significant portion of the trade, with exports valued at $311.5 billion, a slight decrease of 0.2%, representing 43.7% of total exports. In contrast, imports of chemical products reached $629.9 billion, down 2.9%, and making up 51% of total imports.

The primary export markets for Chinese chemical products include the United States, South Korea, Vietnam, India, and Hong Kong, while major import sources are Australia, Russia, Malaysia, Saudi Arabia, and Brazil. Among the key exported goods, refined oil stands out as the second-largest export category, comprising 5.9% of total exports, while crude oil remains the largest import item, accounting for 26.3% of import totals.