24% Decrease in China's Import of Vegetable Tanning Extracts to $2.9M in June 2023

24% Decrease in China

China Vegetable Tanning Extracts Imports

In June 2023, the import of tanning extracts of vegetable origin, tannins and their salts, and other derivatives from abroad declined by -28.8% to 1.5K tons, marking the first decrease since March 2023 and ending a two-month rising trend. However, overall imports experienced a mild increase, with the most significant growth observed in May 2023 at 89% m-o-m. Consequently, imports reached a peak of 2.1K tons but dramatically declined in the following month.

In terms of value, the import of vegetable tanning extracts notably reduced to $2.9M in June 2023, according to IndexBox estimates. Despite the decline in June, imports saw a significant increase over the review period, with the most pronounced growth of 88% in May 2023 compared to the previous month. As a result, imports reached a peak of $3.8M before drastically reducing in the following month.

China Vegetable Tanning Extracts Imports By Country (Thousand USD)

Imports by Country

In June 2023, South Africa (714 tons) was the largest supplier of vegetable tanning extracts to China, accounting for a 47% share of total imports. The second-largest supplier, Brazil (278 tons), had threefold lower figures than South Africa. Argentina (210 tons) ranked third with a 14% share.

From June 2022 to June 2023, South Africa displayed an average monthly volume growth rate of +3.9%. The remaining supplying countries, Brazil and Argentina, had average monthly volume growth rates of +6.3% and +6.4% respectively.

In terms of value, South Africa ($1.3M) constituted 44% of total imports, followed by Brazil ($568K) with a 20% share, and Argentina with a 15% share.

From June 2022 to June 2023, South Africa had an average monthly value growth rate of +4.9%. Brazil and Argentina recorded average monthly value growth rates of +7.6% and +8.4% respectively.

Import Prices by Country

In June 2023, the price of vegetable tanning extracts reached $1,911 per ton (CIF, China), reflecting a 7.1% increase from the previous month. The average monthly price growth rate from June 2022 to June 2023 was +1.0%. The most rapid growth occurred in July 2022, with a 26% month-to-month increase, resulting in an import price peak of $2,136 per ton. From August 2022 to June 2023, the average import prices remained slightly lower.

Among the major supplying countries, Italy ($2,170 per ton) and Argentina ($2,102 per ton) had the highest prices, while India ($1,517 per ton) and South Africa ($1,780 per ton) had relatively lower prices.

From June 2022 to June 2023, India experienced the most notable price growth of +2.1%, while the other major suppliers had more modest price growth rates.



Source: IndexBox Market Intelligence Platform

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