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On November 15, 2020, after eight years of negotiations, the Regional Comprehensive Economic Partnership Agreement was officially signed, marking the official launch of the world's largest free trade zone with the largest economic and trade scale and the greatest potential for development
.
China and Southeast Asia were originally the concentration of the global textile and apparel market
.
However, for upstream raw materials, PX or ethylene glycol with a high import proportion will be affected in import costs.
Especially for PX, the proportion of imports from Japan and South Korea is relatively large, which can account for 50% of the overall import volume.
Nearby, the main import sources of ethylene glycol have always been the Middle East and North America.
The proportion of imports from Japan and South Korea in Northeast Asia is relatively small, accounting for only 6% of the total import volume.
In recent years, domestic ethylene glycol production has been accelerated.
During the transformation period, the dependence on ethylene glycol imports is expected to continue to decline in the future
.
The signing of the RCEP agreement has a positive impact on the overall polyester industry chain in the long run.
From the perspective of the bottom-up development pattern of the domestic textile industry, the development of the demand side can also be positively transmitted from the bottom to the top, especially the domestic raw material side.
In the context of centralized production, follow-up resource integration is also an opportunity to alleviate domestic surplus expectations.
However, in the short term, various details have not yet been implemented, and the market is more about boosting confidence in the atmosphere.
In 2020, the textile industry started in a cruel environment, but it is expected to be optimistic.
The curtain call is perfect under positive conditions.
Of course, the follow-up needs to pay attention to the progress of the actual rules of the RCEP agreement
.
