纯苯期货上市系列报告：中美韩芳烃进出口格局梳理-20250707

Report Overview - Report Title: Sino-US-South Korea Aromatics Import and Export Pattern Analysis - "Pure Benzene: United in Purpose, Triumph in Futures" Series Report on the Listing of Pure Benzene Futures - Report Date: July 7, 2025 - Analysts: Huang Tianyuan, He Xiaoqin - Contact: Qian Jiayin 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - China's total aromatics imports have declined in recent years, with PX imports decreasing and pure benzene imports increasing. South Korea is a major source of China's pure benzene, PX, and MX imports. - South Korea's aromatics exports are mainly directed to China, the United States, and Taiwan, China. The export volume is relatively stable, with PX being the main export product. - The United States is the world's second-largest aromatics importer. Its imports have been increasing, with significant growth in toluene and xylene imports. South Korea is a major source of the US aromatics imports. 3. Summary by Directory 3.1 China's Aromatics Imports - Overall Trend: China's total aromatics imports decreased from 17.9 million tons in 2021 to 15.14 million tons in 2024. PX imports declined rapidly due to increased domestic production, while pure benzene imports increased [2][6]. - Pure Benzene: The import dependence of pure benzene in China has remained at around 15%. The import volume increased from 2.09 million tons in 2020 to 4.31 million tons in 2024. South Korea is the largest source of imports, accounting for over half of the total in the first five months of 2025. Southeast Asian countries also contribute about 30% [8][10]. - PX: PX is the largest imported aromatic in China, accounting for 62% of the total imports in 2024. The import dependence decreased from 58% in 2018 to 20% in 2024. South Korea and Japan are the main sources of imports [16][18]. - MX: China's MX imports are relatively small, with an import dependence of 4.4% in 2024. South Korea, Japan, and Southeast Asian countries are the main sources of imports [20][23]. - Toluene: China has shifted from a net importer to a net exporter of toluene since 2022. The main export destinations are Southeast Asia and East Asia, with an average monthly export volume of about 50,000 tons in recent years [26][28]. 3.2 South Korea's Aromatics Export Pattern - Production and Export Ratio: South Korea's aromatics production has slightly declined from 2021 to 2024 due to poor production profits. The total export volume has remained stable at 9 - 10 million tons per year, with an export dependence of over 50%. The main export products are PX, followed by pure benzene and MX [32]. - Export Destinations: South Korea's aromatics are mainly exported to China, the United States, and Taiwan, China. Exports to China are mainly PX, while exports to the United States are mainly pure benzene and MX [34][43]. 3.3 United States' Aromatics Import Pattern - Overall Situation: The United States is the world's second-largest aromatics importer, with imports accounting for about 9 - 10% of the global total. The import volume increased significantly from 2022 to 2024, but has weakened since the second half of 2024. The increase in toluene and xylene imports is more significant [44]. - Pure Benzene: The United States is the world's second-largest pure benzene importer, with an import dependence of about 25% in 2024. South Korea is the largest source of imports, accounting for 46%. The import share of other regions, such as Europe and Canada, has increased [49]. - Toluene and Xylene: The import of toluene and xylene in the United States has increased rapidly due to the demand for gasoline blending. South Korea is the largest source of toluene imports, and its share has increased from 40% in 2021 to 53% in 2024. The import of xylene has increased even faster, with South Korea accounting for 56% in 2024 [56][57]. - PX: The United States' PX imports have increased significantly from 2021 to 2024, driven indirectly by the demand for gasoline blending. Saudi Arabia is the largest source of imports, accounting for 37% in 2024, followed by South Korea with 22% [68].