HS Code:
Cumene, classified under HS Code 2902.70, is an organic compound primarily used as an intermediate in the production of phenol and acetone, which are key raw materials for various industrial applications including plastics, resins, and adhesives. It is a colorless liquid with a gasoline-like odor and is derived from benzene and propylene through the alkylation process. The global trade of cumene is driven by the demand for downstream products in industries such as automotive, construction, and electronics.
Total Trade Volume
Approximately 14 million metric tons
Data from 2022
Source
United Nations Comtrade Database and Industry Reports
3.5 million metric tons
25% of global trade of total trade
Increasing
2.8 million metric tons
20% of global trade of total trade
Increasing
1.4 million metric tons
10% of global trade of total trade
Stable
1.2 million metric tons
8.5% of global trade of total trade
Stable
1.0 million metric tons
7% of global trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Rising demand for phenol and acetone in Asia-Pacific
Increased cumene imports in countries like China and India to support industrial growth
2021-2022
Shift towards sustainable production methods
Pressure on producers to adopt greener technologies, impacting production costs and trade competitiveness
2020-2022
Fluctuations in crude oil prices
Direct influence on cumene production costs due to dependency on benzene and propylene, affecting global pricing and trade volumes
2019-2022
A major chemical company announced the opening of a state-of-the-art cumene production plant in China, boosting local supply and reducing import dependency.
March 2023
Expected to shift trade dynamics in the Asia-Pacific region, with reduced imports and potential export growth from China.
The European Union introduced tighter regulations on the handling and transportation of hazardous chemicals like cumene to minimize environmental risks.
July 2022
Increased compliance costs for exporters to the EU, potentially reducing trade volumes or redirecting shipments to less regulated markets.
Recent negotiations between the US and China included discussions on reducing tariffs on chemical intermediates like cumene.
October 2022
Potential for increased bilateral trade if tariffs are lowered, benefiting major exporters and importers in both countries.