In the first half of 2023, China's nitrogen export data showed a year-on-year increase in quantity and a year-on-year decrease in unit price. According to customs data testing, the cumulative nitrogen export volume of China in the first half of the year reached 742650 kilograms, an increase of about 16% year-on-year; The average export unit price is 0.42 US dollars per kilogram, a year-on-year decrease of 60%. China's nitrogen export data in the first half of the year fluctuated and adjusted, showing a year-on-year increase in quantity and decrease in price
From Figures 1 and 2, it can be seen that in the first half of the year, China's nitrogen export volume roughly showed a trend of first increasing and then decreasing: the trend of export unit price was relatively flat, with overall fluctuations and upward trends, but significantly lower than the same period last year. Specifically, from January to April, China's nitrogen export volume increased month by month, reaching 167412 kilograms in April, an increase of about 53% year-on-year, the highest level in the first half of the year; The export unit price fluctuated at a low level from January to March, with a slight increase in April to the highest point in the first half of the year, reaching 0.55 US dollars per kilogram, an increase of 62% month on month and a decrease of 43% year-on-year.
The main reason is that due to the impact of New Year's Day and Spring Festival holidays in January, both domestic and international supply and demand as well as transportation capacity are limited, resulting in a decrease in China's nitrogen export volume. As the market supply and demand and transportation capacity gradually recover after the holiday, coupled with strong market expectations after the epidemic, the nitrogen export volume from February to April increased month by month, and the export unit price fluctuated and increased. However, with the occurrence of the Silicon Valley Bank incident and the impact of high interest rates overseas, China's nitrogen export volume plummeted in May to only 93400 kilograms, a decrease of 44% month on month and 12% year on year; In June, as the export unit price fell, the export volume slightly increased.
In the first half of the year, nitrogen gas from China was mainly exported to Hong Kong, China, with the main shipping destination being Guangdong Province
According to trading partners, in the first half of the year, China's nitrogen gas was mainly exported to Hong Kong, with a total volume of 555717 kilograms, accounting for 75%, an increase of 12% year-on-year; Next is Macau, China, with a total weight of 160261 kilograms, accounting for 21%, an increase of 19% year-on-year; In addition, there are a small number of exports to Tanzania, accounting for 2% of the total. Liberia, Vietnam, the United Kingdom and other places have a relatively small number, accounting for about 2%. According to the shipping location, the main shipping location for nitrogen exports in China in the first half of the year was Guangdong Province, with a cumulative export volume of 611588 kilograms, accounting for 85%, an increase of 19% year-on-year; Next is Zhejiang Province, with an export volume of 106392 kilograms, accounting for 14%, a year-on-year decrease of 8%; In addition, Shanghai accounts for about 3%, while Hebei Province, Shandong Province, Jiangsu Province, and other provinces also have a small amount of exports, with a total proportion of about 1%.
Looking ahead to the second half of the year, the economic growth rate is expected to continue to increase. However, considering the continued pressure from overseas economies, it is expected that China's nitrogen export volume in the second half of the year will mainly fluctuate narrowly, and the export unit price is expected to slightly increase.
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