Interpretation of Zinc Oxide Import and Export in April and Outlook for the Future Market [SMM Analysis]

SMM May 28:

       According to the latest statistics from the General Administration of Customs, China's zinc oxide exports reached 1,244.15 mt in April 2025, down slightly by 2.82% MoM but up significantly by 13.45% YoY. Cumulatively, from January to April 2025, China's zinc oxide exports totaled 4,709.87 mt, with the YoY growth rate expanding to 28.22%. On the import side, zinc oxide imports in April were 488.12 mt, down 1.46% MoM and 20.40% YoY. Cumulative imports from January to April were 1,909.67 mt, down 12.96% YoY. The contraction in import volume was mainly influenced by the loose supply landscape in the domestic zinc oxide market, with domestic capacity significantly enhancing its support for domestic demand.

       Below are the specifics of imports and exports:

       Exports

       According to the latest data released by the General Administration of Customs, China's zinc oxide export market in April 2025 exhibited structural characteristics, with the top three export destination countries being Thailand, Vietnam, and Mexico. Exports to Thailand reached 290.87 mt, accounting for 23.38% of the total monthly exports, and rose to first place from March. Exports to Vietnam were 239.87 mt, accounting for 19.28%, ranking second. Mexico entered the top three with 100 mt of exports and an 8.04% share. Compared with March data, Thailand rose from second place in March to first place, while Mexico entered the top three.

       Imports

       According to the latest data released by the General Administration of Customs, the structure of China's zinc oxide import sources in April 2025 showed significant changes. The top three countries and regions in terms of import volume were Canada (187.67 mt), Taiwan, China (156.5 mt), and Japan (64.91 mt). Compared with March data, Canada's imports increased from 115.84 mt to 187.67 mt, rising to first place. Japan entered the top three with 64.91 mt of imports, replacing South Korea (67.5 mt), which ranked third in March.

       Looking ahead, the SHFE/LME zinc price ratio pulled back from highs in May, and the price advantage of domestic zinc prices over the international market gradually emerged, driving a continuous improvement in the export competitiveness of zinc oxide. Meanwhile, the current loose supply landscape in the domestic zinc oxide market, coupled with the easing of Sino-US tariffs, is expected to sustain the growth momentum of China's zinc oxide export market. From a YoY perspective, the YoY growth rate of exports for the month is expected to remain in the double-digit range, continuing the good performance seen so far this year.

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

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