Decrease in U.S. Monocarboxylic Acid Imports to $28M in July 2023

Decrease in U.S. Monocarboxylic Acid Imports to $28M in July 2023

U.S. Monocarboxylic Acid Imports

The United States witnessed a significant expansion in monocarboxylic acid imports in July 2023, with a 6.6K ton increase and a month-on-month growth rate of 11%. However, overall imports showed a notable decline. The most rapid growth was observed in March 2023, with a 365% increase compared to the previous month. On the other hand, the value of monocarboxylic acid imports dropped to $28M in July 2023, as estimated by IndexBox. The imports continued to decline during the reviewed period, reaching a peak of $59M in October 2022. However, from November 2022 to July 2023, imports failed to regain momentum.

U.S. Monocarboxylic Acid Imports By Country (Million USD)

Imports by Country

The main suppliers of monocarboxylic acid imports to the United States were China (2.8K tons), Malaysia (2.1K tons), and Belgium (1K tons), accounting for 89% of total imports. Malaysia experienced the largest increase from July 2022 to July 2023, with a CAGR of +0.1%, while the other leading suppliers faced a decline.

In terms of value, China constituted the largest supplier with a 23% share of total imports, followed by Malaysia (9.9%) and Germany (8.9%). From July 2022 to July 2023, China's value of imports recorded an average monthly growth rate of -9.7%, while Malaysia and Germany had rates of -0.0% and -4.0% per month, respectively.

Import Prices by Country

The import price of monocarboxylic acid in July 2023 stood at $4,156 per ton (CIF, US), showing a decrease of -10.4% compared to the previous month. The overall import price experienced a noticeable decline. The highest price was recorded for India ($15,732 per ton), while South Korea had one of the lowest prices at $1,136 per ton. Belgium witnessed the most significant price growth from July 2022 to July 2023, with an increase of 0.8%, whereas other major suppliers saw a decline in prices.



Source: IndexBox Market Intelligence Platform

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