Brief analysis of Chinese silicone export data in October 2023

In October 2023, China’s silicone exports were 34,800 mt, down 9.11% MoM but up 33.33% YoY. Total exports in the first 10 months of 2023 were 338,900 mt, down 15.04% YoY. Among them, exports to South Korea were the largest, which were 8,000 mt, up 9.59% MoM.

In terms of specific export trading partners, demand from Southeast Asia slowed down, while that from the US, Russia and other countries inched higher. The top five export destinations in October were South Korea, India, Vietnam, the US and Russia, altogether accounting for 54% of Chinese total export volume, which was larger than that in September. Among them, demand from the US inched down with end of traditional holiday stocking, while that from Vietnam increased significantly, returning to the top 5 destinations.

In October, Chinese exports to South Korea increased by 9.59% MoM to 8,000 mt, accounting for 23.09% of total exports; those to India decreased by 7.84% MoM to 4,700 mt, accounting for 13.38% of total exports; those to Vietnam were 2,200 mt, accounting for 6.25%; those to the US were down 12.5% MoM at 2,100 mt, accounting for 5.96%; those to Russia were down 17.39% at 1,900 mt, accounting for 6.11%.