China Records 2.8% Rise in Plastic Products Production for December

In December 2023, China witnessed a notable upswing in the production of plastic products, reaching approximately 6.98 million tons. This marked a 2.8% year-on-year increase and a 4.2% month-on-month growth. Reflecting on the entire year of 2023, the cumulative production of plastic products amounted to 74.89 million tons, showcasing a substantial 3.0% rise compared to the previous year.

The surge in output throughout 2023 marked a noteworthy rebound from the downturn experienced in 2022. The decline in production in the preceding year was attributed to the impact of COVID-related restrictions. However, as China progressively eased these restrictions in 2023, the plastic products industry experienced a resurgence, contributing to the positive growth observed throughout the year. It's worth noting that while the overall production increased, the year-on-year growth rate did exhibit a slowing trend.

The term "plastic products" in this context encompasses a diverse range of items manufactured through various processes such as extrusion, injection molding, blow molding, lamination, and more. These products are crafted using polymer compounds as the primary raw material. Additionally, the category includes items produced through the recycling of plastic. Notably, plastic shoes are excluded from this classification.

The revival in plastic products production aligns with broader economic trends, reflecting the resilience and adaptability of China's manufacturing sector. As the nation navigated the challenges posed by the global pandemic, the easing of restrictions and a renewed focus on industrial activities contributed to the recovery of plastic products manufacturing. The year-on-year growth, although moderated, signifies a positive trajectory for the industry.

Shifting focus to the international landscape, there is a pertinent mention of Russia's chemical product exports in the period from January to November 2023. According to data published by the Federal Customs Service (FCS), the export value of Russian chemical products during this period amounted to USD 24.9 billion. This figure represents a 34% decrease compared to the corresponding period in 2022 when the export value stood at USD 37.8 billion. The substantial decline in chemical product exports indicates a challenging period for Russia's chemical industry, possibly influenced by global economic dynamics and geopolitical factors.

In contrast, imports of chemical products during the same eleven-month period experienced a relatively modest decline of 1.2% compared to 2022, reaching a total of USD 51 billion. This data suggests a more resilient demand for chemical products in the importing nations, thereby contributing to a comparatively smaller contraction in import values.