Japan

In 2025, Japan's total PX exports amounted to approximately 2.14 million tons, a slight year-on-year decline of 0.5%. The overall export volume remained largely stable compared with 2024.

Japan's key PX export destinations included Chinese mainland, Taiwan, and South Korea, each accounting for 73%, 23%, and 4% of the total exports from Japan. Exports to Chinese mainland increased by 2% year on year, while those to Taiwan saw a modest drop of 2%.

Japanese PX producers tend to prioritize selling under contract terms, with high contract ratios with buyers. Even in the event of plant shutdowns due to force majeure, producers maintain stable supply by consuming from inventories or sourcing from the spot market.

South Korea

In 2025, South Korea's total PX exports amounted to approximately 4.94 million tons, marking a year-on-year increase of about 0.8%. While South Korea's overall PX exports remained stable, the share of different export destinations shifted significantly.

As the arbitrage window for gasoline blending component closed, South Korea's PX exports to the United States fell by 33.8% year on year in 2025, and exports to Brazil dropped to zero. But driven by the partial return of arbitrage-related cargoes and the sustained demand arising from the successive commissioning of new PTA plants in Chinese mainland, South Korea's PX exports to Chinese mainland increased by 10.8% year-on-year in 2025.

Exports to the Taiwan region, much like the trend observed in Japan's trade, declined year on year in 2025. This was primarily due to operational challenges at local PTA plants in Taiwan, which reduced their reliance on imported PX.

Outlook for operating rates in 2026

In Japan, with fewer planned maintenance turnarounds scheduled for 2026, the average operating rate is projected to be around 75%. However, given the frequent unplanned shutdowns or extended maintenance in PX units in 2024 and 2025, due to factors such as aging equipment and extreme summer temperatures, the actual operating rate of Japanese PX plants in 2026 may still fall below expectations.

In South Korea, there would be relatively more planned maintenance activities throughout the year compared to Japan. Based on current maintenance schedules, the average operating rate for South Korean PX plants in 2026 is preliminarily estimated at around 74%. But considering the current favorable PX-naphtha spread and strong PX-MX economics, plant operations are highly incentivized. Additionally, the generally greater production stability of South Korea's PX units and the ample supply of MX, could helps cushion potential output losses from force majeure. And the country's PX operating rate in 2026 is likely to slightly exceed the current projection.