HS Code:
Phenol (Hydroxybenzene) and its salts, classified under HS Code 290711, are organic compounds primarily used in the production of plastics, resins, and as intermediates in the chemical industry. Phenol is a key raw material for manufacturing bisphenol A (BPA), phenolic resins, and caprolactam, which are integral to industries such as automotive, construction, and electronics. Its salts, such as sodium phenolate, are used in disinfectants and pharmaceuticals. Global trade in this category is driven by industrial demand, particularly in regions with strong chemical manufacturing bases.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.5%
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Growing demand for phenolic resins in automotive and construction sectors
Increased export volumes from major producers like China and Germany, with a projected annual growth rate of 4% through 2025
2022
Shift toward sustainable production methods
Rising investments in bio-based phenol production, potentially reducing reliance on petrochemical-derived phenol in the long term
2023
Fluctuating raw material prices (benzene and propylene)
Price volatility affecting profit margins for producers, leading to supply chain adjustments in key markets
2021-2022
The European Union introduced provisional anti-dumping duties ranging from 8% to 15% on phenol imports from China to protect domestic manufacturers from unfair pricing practices.
June 2023
Potential redirection of Chinese exports to other markets like Southeast Asia, increasing competition in those regions
A major South Korean chemical company announced the opening of a new phenol production plant with an annual capacity of 200,000 tons, aimed at meeting growing regional demand.
March 2023
Strengthens South Korea's position as a key exporter in Asia, potentially lowering regional prices due to increased supply
The US Environmental Protection Agency introduced stricter guidelines for phenol storage and disposal, citing health and environmental risks.
September 2022
Increased compliance costs for importers and producers, potentially affecting trade volumes in the short term