Interpretation of China's Zinc Oxide Import and Export in April and Outlook for the Future Market

SMM May 29:

According to the latest statistics from the General Administration of Customs, China's zinc oxide exports reached 1,244.15 mt in April 2025, showing a slight MoM decline of 2.82%, but a significant YoY increase of 13.45% compared to the same period last year. From a cumulative perspective, China's zinc oxide exports totaled 4,709.87 mt from January to April 2025, with the YoY growth rate expanding to 28.22%. On the import side, zinc oxide imports stood at 488.12 mt in April, down 1.46% MoM and 20.40% YoY. The cumulative imports from January to April reached 1,909.67 mt, a 12.96% YoY decrease. 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 exhibited structural characteristics in April 2025, with the top three export destinations being Thailand, Vietnam, and Mexico. Exports to Thailand reached 290.87 mt, accounting for 23.38% of the total monthly exports, and rose to the top spot from third place in 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 to March's data, Thailand moved up from second place in March to first, while Mexico joined 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 to March's data, Canada's imports increased from 115.84 mt to 187.67 mt, moving up 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 is expected to pull back from highs in May, with the price advantage of domestic zinc prices over the international market gradually emerging, driving a continuous improvement in the export competitiveness of zinc oxide. Meanwhile, given the current loose supply landscape in the domestic zinc oxide market and the easing of Sino-US tariffs, it is expected that China's zinc oxide export market will continue to maintain growth momentum under the resonance of multiple favorable factors. From a YoY perspective, the YoY increase in export volume for the month is expected to remain in the double-digit range, continuing the strong performance seen so far this year.