August zinc oxide import and export analysis: Exports shine, Vietnam remains the core export destination [SMM Analysis]

SMM, September 21:

       According to the latest customs data, China's zinc oxide imports in August were 399.73 mt, up 70.73% MoM and up 2.53% YoY. Cumulative imports from January to August were 3,895.56 mt, up 4.31% YoY. China's zinc oxide exports in August were 1,982.38 mt, up 30.06% MoM and up 60.20% YoY. Cumulative exports from January to August were 14,250.04 mt, up 52.09% YoY.

Looking at the import and export breakdown for August: imports (total 399.73 mt) were mainly concentrated in Asia, with

85.963 mt from Japan, accounting for 21.51%, down 15.81 mt MoM;

74.652 mt from Malaysia, accounting for 18.68%, up 74.65 mt MoM;

51.15 mt from Taiwan, China, accounting for 12.80%, up 42.15 mt MoM;

48.036 mt from Canada, accounting for 12.02%, up 13.26 mt MoM;

46.6 mt from South Korea, accounting for 11.66%, up 21.60 mt MoM;

in addition, Mexico, Peru, Austria, and others together accounted for 93.326 mt.

       From the import structure perspective, Malaysia, Taiwan, China, Mexico, Peru, and other sources saw notable volume increases in August, with Malaysia being a new import source, contributing over 74 mt and becoming the main driver of import growth this month. Meanwhile, imports from Japan fell 15.81 mt MoM, and imports from Germany fell 7.09 mt MoM.

Exports (total 1,982.38 mt) remained highly concentrated in Asia

with 626.282 mt to Vietnam, accounting for 31.59%, up 285.33 mt MoM;

227.2 mt to Brazil, accounting for 11.46%, up 226.73 mt MoM;

106.05 mt to Indonesia, accounting for 5.35%, up 11.42 mt MoM;

104 mt to Mexico, accounting for 5.25%, up 104 mt MoM (new);

100.02 mt to Hong Kong, China, accounting for 5.05%, up 100.02 mt MoM (new);

       in addition, exports to the Philippines and Thailand fell 73.10 mt and 160.86 mt MoM respectively, a notable pullback; exports to Cambodia and Ghana rose 52 mt and 47 mt MoM respectively, a significant increase.

       From the export structure perspective, China's zinc oxide exports in August remained focused on Asian markets, with Vietnam alone taking 626.282 mt, accounting for 31.59% of total monthly exports, up 285.33 mt from July, maintaining its position as the top export destination. Meanwhile, Brazil's exports jumped from 0.475 mt in July to 227.2 mt; Mexico and Hong Kong, China were both new export destinations, contributing a combined 204.02 mt. In addition, the Philippines' and Thailand's exports fell by 73.1 mt and 160.86 mt MoM respectively, a notable pullback in exports.

       Looking ahead, there are still opportunities for zinc oxide exports. On one hand, the current low SHFE/LME zinc price ratio gives zinc oxide exports a certain price competitive advantage; on the other hand, in recent years, domestic tire enterprises have continued to expand their overseas capacity layout, with tire production scale in Southeast Asia and other regions continuously growing, driving synchronous growth in demand for zinc oxide, which provides support for China's zinc oxide exports. Domestic zinc oxide supply is relatively ample, and the import side is expected to remain stable with little notable growth.

     (The above information is based on market collection and a comprehensive assessment by the SMM research team. The information provided is for reference only. This article does not constitute direct investment research decision advice. Clients should make decisions prudently and not use this as a substitute for their own independent judgment. Any decisions made by clients are not related to SMM.)