Chinese chemical trade

With over 314 billion U.S. dollars of total revenue and over 710,000 people employed, organic chemical material manufacturing is an important part of China's chemical industry. Organic chemicals are also China's largest chemical export category, accounting for over 75 percent of Chinese chemical exports based on value. The top destination for Chinese chemical exports as of 2019 was the United States and India, while other major destinations were predominantly emerging countries. On the other hand, the largest importers of chemicals from China were Japan and South Korea, each importing over 20 billion U.S. dollars’ worth of chemicals in 2019, followed by the United States and Germany. Both chemical exports from China and chemical imports to China had been steadily growing in recent years, however, the value of imports has been slightly higher than the export value, leading to a net import value of around 24 billion U.S. dollars in China as of 2019.

Leading Chinese chemical companies

As the backbone of the economy, the largest chemical companies in China are mainly state-owned. Sinopec and PetroChina are the biggest oil, gas, and petrochemical companies in the country in terms of revenue, with each having generated over 2.5 trillion yuan of revenue in 2020. Another market leader in the global chemicals industry, Wanhua Chemical Group, is listed on the Shanghai Stock Exchange and specializes in polyurethane (PU), selling over 2.8 million metric tons of PU products in 2020.

China to lead chemical industry growth post COVID-19

In 2020, the global chemical industry took a major hit as a result of the global COVID-19 pandemic, just like other industries. Due to the change in consumer habits and suspension of supply chains, many global chemical companies have reported a lack of growth or even a two-digit year-on-year sales dip, and Chinese counterparts were no exception. However, as consumption picks up speed along with the recovery from COVID-19 worldwide, China is expected to lead in the growth of the chemical industry, like before as the global manufacturing hub.

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