PMDI Export
In April 2025, China exported 56,600 tonnes PMDI, a year-on-year decrease of 55.3% and a month-on-month decrease of 24.8%, according to data released by the General Administration of Customs of the People's Republic of China (GAC).
China’s PMDI exports in the first four months of 2025 amounted to 275,200 tonnes, down 33.9% year-on-year.
Figure 1: China’s Monthly PMDI Exports 2024-2025 (tonne)
China's PMDI export volume to Top 10 destinations in April showed varying declines on a year-on-year basis except to Brazil, as shown in the table below. Except for the Netherlands and the UAE, exports to the other major destinations also decreased to different extents on a month-on-month basis. In early April, the U.S. announced to impose higher tariffs on goods from multiple countries worldwide, eroding overseas demand for PMDI and reducing orders from domestic downstream manufacturers.
Table 1: China’s PMDI Exports by Destinations & YoY Changes, Jan-Apr 2025 (tonne, %)
|
Destination |
April Exports |
YoY Change |
MoM Change |
Jan-Apr Exports |
YoY Change |
|
Netherlands |
13,326 |
-50.2% |
102.6% |
30,668 |
-48.2% |
|
Russia |
6,408 |
-37.7% |
-4.1% |
27,716 |
-7.2% |
|
Turkey |
4,441 |
-48.6% |
-38.7% |
23,086 |
-17.2% |
|
USA |
9 |
-100.0% |
-99.9% |
21,707 |
-77.2% |
|
India |
4,023 |
-11.3% |
-19.3% |
20,905 |
6.2% |
|
South Korea |
2,934 |
-52.7% |
-52.4% |
16,653 |
-30.8% |
|
Vietnam |
2,434 |
-3.9% |
-23.5% |
13,923 |
6.2% |
|
Thailand |
3,078 |
-9.4% |
-3.5% |
13,091 |
19.5% |
|
UAE |
2,178 |
-70.5% |
10.7% |
11,568 |
-49.5% |
|
Brazil |
2,471 |
45.9% |
-25.0% |
11,556 |
-24.0% |
|
Others |
15,285 |
N/A |
N/A |
84,288 |
N/A |
|
Total |
56,587 |
-55.3% |
-24.8% |
275,160 |
-33.9% |
On May 12, the Joint Statement on U.S.-China Economic and Trade Meeting in Geneva was unveiled. On May 14, U.S.-China tariff cuts took effect. The U.S. agreed to lower the original 34% reciprocal tariffs to 10% for a period of 90 days. Chinese chemical suppliers and relevant downstream manufacturers will seize the opportunity to boost exports. China’s PMDI exports in May are expected to show a modest recovery after hitting a low.
PMDI Import
In April, China imported 34,000 tonnes of PMDI, an increase of 53.5% year-on-year and 12.8% month-on-month.
China’s PMDI imports from January to April totaled 110,000 tonnes, slightly down 0.7% year-on-year. Except for February, monthly imports stayed around 30,000 tonnes.
Figure 2: China’s Monthly PMDI Imports 2024-2025 (tonne)
Saudi Arabia remained the largest import source, but imports from this country in the first four months of this year fell 15.7% year-on-year. During the same period, imports of PMDI and crude MDI from Japan decreased 9.5% year-on-year, while imports from South Korea increased 18.6%.
Table 2: China’s PMDI Imports & Growth Rates, Jan-Apr 2025 (tonne, %)
|
Import Source |
Saudi Arabia |
Japan |
South Korea |
Others |
Total |
|
January |
10,242 |
9,346 |
5,581 |
201 |
25,370 |
|
February |
4,356 |
5,873 |
7,555 |
1,792 |
19,575 |
|
March |
11,383 |
8,673 |
5,925 |
4,358 |
30,340 |
|
April |
16,672 |
9,196 |
6,685 |
1,682 |
34,236 |
|
YoY Change (Apr) |
138.4% |
-22.0% |
110.0% |
403.2% |
53.50% |
|
MoM Change (Apr) |
46.5% |
6.0% |
12.8% |
-61.4% |
12.80% |
|
Total (Jan-Apr) |
42,653 |
33,088 |
25,746 |
8,033 |
109,521 |
|
YoY Change (Jan-Apr) |
-15.7% |
-9.5% |
18.6% |
475.6% |
-0.70% |
