TAIPEI: Taiwan’s exports of most key petrochemical products in April fell on a year-on-year basis, tracking overall declines in overseas shipments.
Its exports of polypropylene (PP) fell by 37% year on year to 18,371 tonnes, while those of polyethylene (PE) increased by 4% to 26,388 tonnes, according to data from the Taiwan Bureau of Foreign Trade.
April propylene shipments fell by 29% year on year to 46,479 tonnes, while styrene exports were down by 31% at 44,874 tonnes.
Among aromatics products, paraxylene (PX) exports fell by 6% year on year to 101,860 tonnes, but toluene shipments surged by 45% to 21,743 tonnes.
Overseas shipments of purified terephthalic acid (PTA) slumped by 76% year on year to 4,831 tonnes in April, the statistics showed.
The bulk of Taiwan’s petrochemical exports goes to China.
Meanwhile, Taiwan’s overall exports in April fell by 11.7% year on year – the biggest contraction since the 15.8% decline recorded in February 2013.
Imports, meanwhile, fell by 22.1% year on year.
In May, exports posted a more moderate year-on-year decline of 3.8%, with imports down 7.3%. Details on petrochemical trades for May have yet to be released.
Taiwan is targeting a 3.28% economic growth this year, down from its previous target of 3.78% in view of weak demand from China, as well as from other overseas markets.
“Looking forward, the prolonged sluggish growth in global economy and strong competition from abroad, especially from mainland China industry may limit Taiwan’s export momentum,” Taiwan’s Directorate General of Budget, Accounting and Statistics said in a statement.
