Korea Increased PE, PP, and Styrenic Polymer Exports in a Difficult Trade Environment in 2024 by Shifting Export Destinations; PVC and PET Shipments Contracted

Competition from China and depressed demand globally made 2024 a particularly challenging year.

In 2024 Korea exported 4.5 million tons of ethylene polymers (all grades), up 1%; 3.8 million tons of propylene polymers, up 9%; 1.9 million tons of styrenic polymers, up 4%; 0.7 million tons of PVC, down 7%; and 0.8 million tons of PET, down 4%.

Although polyethylene exports to top destination China – and also to India – were down, shipments rose strongly to Vietnam, Japan, Indonesia, and Thailand, resulting in a 5% rise in the Asia-Pacific total, to 3.4 million tons. Outside the region, Korea exported 0.3 million tons to Western Europe, up 7%.

Despite the 1% increase on Korea’s PE exports in 2024 (to 4.5 million tons), the downward trajectory from the end of 2023 is expected to continue as more capacity comes on in China, demand remains weak, and geopolitical tensions further complicate the trade environment. (Korea’s exports February 2025 YTD were down 5%.)

Exports of polypropylene to Asia-Pacific were 1.1 million tons (up 7%), with Vietnam, Thailand, and Indonesia again key growth destinations. Korea also exported increased volumes to Western Europe, Eastern Europe, North America, and Latin America.

Although Korea exported more polypropylene in 2024 than 2023 (3.8 million tons, up 9%), this was far below the record volume in 2021/22. Further declines are expected in 2025, with new capacity in China being a major factor. (Korea’s February 2025 YTD exports of polypropylene were down 10%.)

Korea’s exports of styrenic polymers, mainly ABS, increased within the Asia-Pacific region and also to Western Europe, North America, and Latin America, resulting in a 4% gain for the year, to 1.9 million tons.

PVC shipments expanded within Asia-Pacific, but exports to all other regions were down, the total of 0.7 million tons down 7%.

PET exports, 60% of which are film/fiber grade as opposed to bottle grade, posted a strong gain within Asia-Pacific, minor gains to the Middle East and Eastern Europe, and declines to Western Europe and North America, the total of 0.8 million tons down 4%.

From International Trader Publications’ Korea Polymer Trade Report, a monthly report analyzing Korea’s trade in all grades of commodity polymers, recyclable polymers, and fabricated plastic products.