Why is China's PX capacity now the world's largest, yet imports remain significant?

Why is China's PX capacity now the world's largest, yet imports remain significant?
China has become the global PX production center, holding roughly 54% of world capacity, with over 90% of recent global capacity additions located domestically. However, the country remains the top importer, taking in about 70% of global PX trade at peak. The reason lies in a persistent mismatch: downstream PTA capacity has expanded faster than PX in most years, creating structural supply gaps. In 2025, no major new PX capacity is slated, while PTA-PET overcapacity continues, pushing chain profits toward the upstream feedstock end. Import dependence is expected to rise again, especially as new PTA lines restart the cycle of catch-up demand.