Growing Paraxylene (PX) exports from North East Asia to China are contributing to the fast growth of intra-Asia coastal trade, but they are undermining long-haul seaborne trade, according to DrewryÂ’'s recently published 'Chemical Forecaster' report. ChinaÂ’s consumption of PX has emerged as a key driver of global Chemical shipping demand. Its annual PX import requirements tripled from 2.9 million tonnes in 2007 to 9.0 million tonnes in 2013, representing 21% annual growth over this period. Meanwhile, the proportion of ChinaÂ’s total PX imports sourced from Northeast Asia, particularly South Korea, Japan and Taiwan, grew from 28% in 2009 to 73% in 2013, indicating that a large share of global seaborne PX is being traded within the coastal trade routes of Northeast Asia.
