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US PET imports surge from around the world on global oversupply
HOUSTON, September 10, 2018 (PCW) -- US imports of PET resin in Jan-Jul totaled 580,965 metric tons, up by 237,506 mt or 69% from Jan-Jul 2017, the latest US Commerce Department data show.
Imports this year have surged from Oman, Malaysia, Russia, South Africa, China, Thailand, Turkey and several other countries; they are sharply lower from Brazil and Indonesia.
The US remains a top market for PET produced around the world due to a global oversupply of PET.
Imports this year will likely top $1-billion in value; through Jul they were valued at $746.8 million, up from $435.5 million in Jan-Jul 2017.
Mexico remains the top source of US PET imports at 209,588 mt in Jan-Jul of this year, or 36% of all imports, and up 22% from Jan-Jul 2017 imports. Canada was the second top source of imports in the first seven months of 2018, at 55,784 mt compared to 43,604 mt in Jan-Jul 2017. -- Xavier A Cronin