27 May 2009 11:32 [Source: ICIS news]
SINGAPORE (ICIS news)--The surge in China's petrochemical imports last month is a tell-tale sign of an economic recovery under way, said an analyst on Wednesday.
The country's olefin imports surged 49% year on year to 93,299 tonnes with imports of propylene and butadiene rising 59% and 80%, respectively, based on statistics from China National
April polyvinyl chloride (PVC) imports surged 156% to 197,554 tonnes from a year earlier while imports of acrylonitrite (ACN) jumped 66% to 56,984 tonnes year, the data showed.
China is a large consumer of petrochemicals, which are used in the manufacture of most end products.
"We are not surprised by the increasing import volumes. China's domestic economy is slowly recovering," said Lin Songli, an analyst from Guosen Securities.
"Manufacturers are producing more because domestic demand for their end products is high," said Lin.
Demand for petrochemicals has improved months after the government announced its massive fiscal stimulus package that was meant to prevent a sharp deceleration in China's GDP growth., analysts said.
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