美银-贸易汽车统计：电子材料出口仍保持强劲-Tradeauto statistics：Electronic materials exports remain strong-20261030

Accessibleversion

BofAGLOBALRESEARCH

ChemicalMetalWatch

Trade/autostatistics:Electronicmaterialsexportsremainstrong

IndustryOverview

BofASECURIIES

SeptemberJapan/Thailandtradestatistics;ToyotaMotor

data

TheimplicationsofJapan'sSeptembertradestatistics(finalfigures),Thailandtradestatistics,andToyotaMotor'sproductionandsalesdataareasfollows.

Electronicmaterials:SUMCO,FujikuraandCCLsremainstrong

SiliconwaferexportvalueinSeptemberdeclinedYoYforShin-EtsuChemicalbut

showedasignificantrecoveryforSUMCO.AtSUMCO,therecoveryinexportvolumestohigher-pricedmarketssuchasTaiwanandNorthAmericacontributed.Shin-Etsu

Chemical'smagnetexportvolumesandexportpricesremainedstrong.Exportsof

MicroThincopperfoil/CCLsincreasedsharplyMoM.Nittobo'sglassclothexportvaluedeclinedfromthehighlevelinthepreviousmonth.JSR'sphotoresistexportsremainedstrong.Fujikura'sexportvalueforbothopticalconnectors/opticalcablesincreased

significantlyYoY.Japan'sopticalfiberimportvolumecontinuedtotrenddownward.

Chemicals/oilrefining:AgrochemicalexportsremainweakOverall,petrochemicalexportpricesreboundedMoM.Japan'simportvolumesof

polyethylene/polypropyleneremainedathighlevels.Acetatetowpricesremainedweak.Agrochemicalexportvaluedeterioratednotably,down24.7%YoY.MitsuiChemicals'lensmonomerexportvaluedecreased7.6%YoY.Inoilrefiningexports,neitherENEOSnorIdemitsuKosanshowedaMoMimprovement.Japan'sSeptemberimportsofcleanfuel(gasoline,gasoil,kerosene/A-fueloil)continuedtodeclinesharply.

Steel/nonferrousmetals:Japan'ssteelimportscontinuetodeclinesharply

Japan'simportvolumeofthethreemajorflatsteelproductsdecreasedsharplyby32.3%YoYinSeptember.ExportpricesincreasedMoMforbothNipponSteelandJFE.

Meanwhile,JFE'ssteelexportvolumedeclined.

Autosales:ToyotaMotor'sproductiondeteriorates

ToyotaMotor'sproductionvolumedecreased3.2%YoYinSeptember.ToyotaMotor

salesrelatedtotradinghousesremainedrelativelysolidatToyotaTsushoandMitsui&Co.

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage27to30.AnalystCertificationonpage26.Price

ObjectiveBasis/Riskonpage22.13036238

30October2026

Equity

Japan

Chemicals,Metal&Cables,Tradinghouse

TableofContents

ElectronicMaterials

ChemicalsOilrefining

Steel/non-ferrousmetal

Production,salesdataforToyotaMotor

15

TakashiEnomoto>>ResearchAnalyst

BofASJapan

takashi.enomoto@

NiimaKomura>>ResearchAnalystBofASJapan

niima.komura@

KyojiChiba>>ResearchAnalystBofASJapan

kyoji.chiba@

YuriTanaka>>ResearchAnalystBofASJapan

yuri.tanaka④

2ChemicalMetalWatch|30October2026

ElectronicMaterials

Exhibit1:Down4.3%YoY

Shin-EtsuChemical(4063):Estimatedsiliconwaferexportvalue(includingGlobalWafers&Mimasuexport,MillionJPY)

50,000

Exportvalue(HS)Growthrate(RHS,YoY,%)

40

40,000

20

0

▲20

30,000

20,000

10,000

0

56789

202420252026

Source:JapanCustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit3:Up30.5%YoY

SUMCO(3436):Estimatedsiliconwaferexportvalue(MillionJPY)

60

30,000

Growthrate(RHS,YoY,%)

Exportvalue(HS)

40

24,000

20

18,000

0

12,000

6,000

▲20

0

▲40

56789

202420252026

Source:JapanCustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit2:ExportvolumedecreasedMoM.

Shin-EtsuChemical(4063):Estimatedsiliconwaferexportvolume&price(includingGlobalWafers&Mimasuexport.ton,US$/kg)

660

640

620

600

580

560

540

Exportprice(RHS)

Exportvolume(HS)

600

400

200

520

500

480

0

1234567891011212345678910112123456789

202420252026

Source:JapanCustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit4:ExportvolumeincreasedMoM.

SUMCO(3436):Estimatedsiliconwaferexportvolume&price(ton,US$/kg)

900

300

Exportvalue(RHS)

Exportvolume(HS)

850

800

200

750

700

650

100

600

0

1234567891011212345678910112123456789

202420252026

Source:JapanCustoms,BofAGlobalResearch

BofAGOBARESEARCH

ChemicalMetalWatch|30October20263

Exhibit5:DownMoM

Nittobo(3110):Glassclothexportvalue&volumefromJapan(MnJPY,ton)

3,200

2,800

2,400

2,000

1,600

1,200

800

400

0

160

Exportvalue(HS)Exportvolume(RHS)

120

80

40

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit7:SuggestingtrendsinMicroThinofMitsuiKinzokuandcoppercladlaminates(CCLs)atcompaniessuchasResonacandMitsubishiGasChemical

ExportvalueandexportpriceofMicroThincopperfoilandcopper-cladlaminatesfromNaritaAirport(¥bn,US$/kg)

140

120

100

80

60

40

20

0

10

9

Exportvalue(HS)Exportprice(RHS)

8

7

6

5

4

3

2

0

1

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit9:Up30.1%YoY

JSR(4185):Photoresistexportvalue&growthratefromJapan(BnJPY,YoY)

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Exportvalue(HS)Growthrate(RHS)

160.0%

120.0%

80.0%

40.0%

0.0%

-40.0%

200.0%

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit6:DownMoM

Nittobo(3110):Glassyarnexportvalue&volumefromJapan(MnJPY,ton)

750

600

450

300

150

0

160

Exportvalue(HS)Exportvolume(RHS)

120

80

40

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit8:SuggestingtrendsinelectrolyticcopperfoilatMitsuiKinzoku,urukawaElectricandothers.

ExportsofelectrolyticcopperfoilfromeasternJapan(tons,US$/kg)

40Exportprice(RHS)

Exportvolume(HS)

1,600

1,400

1,200

1,000

800

600

400

200

35

30

25

20

15

10

5

0

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit10:DownMoM

SumitomoElectric(5802):Exportvalueestimatesofopticalcables(mnJPY)

4,000

3,000

2,000

1,000

0

Exportvalue(HS)

Growthrate(YoY,RHS)

1357911135791113579

202420252026

300%

200%

100%

0%

-100%

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

4ChemicalMetalWatch|30October2026

Exhibit11:Up137%

Fujikura(5803):Exportvalueestimatesofopticalconnectors(mnJPY)

250%

200%

150%

100%

50%

0%

Exportvalue(HS)

Growthrate(YoY,RHS)

8,0007,0006,0005,0004,0003,0002,0001,0000

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit13:Up77.3%YoY

Fujikura(5803):Exportvalueestimatesofopticalcables(mnJPY)

200%

8,0007,0006,0005,0004,0003,0002,0001,0000

Exportvalue(HS)

Growthrate(YoY,RHS)

100%

0%

-100%

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit15:ImportvolumedecreasedMoMJapanopticalfiberimportvolume(ton)

105907560

45

30

15

1357911135791113579

0

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

9008007006005004003002001000

Exhibit12:Up47%YoY

Fujikura(5803):Exportvolumeestimatesofopticalconnectors(kg)

300%

200%

100%

0%

-100%

Exportvolume(HS)

16,000

14,000

12,000

18,000

Growthrate(YoYRHS)

,

10,000

8,000

6,000

4,000

2,000

0

1357911135791113579202420252026

BofAGOBARESEARCH

Source:Japancustoms,BofAGlobalResearch

Exhibit14:Up20.0%YoY

Fujikura(5803):Exportvolumeestimatesofopticalcables(ton)

300%

Exportvolume(HS)

450400350300250200150100500

Growthrate(YoY,RHS)

200%

100%

0%

-100%

1357911135791113579202420252026

BofAGOBARESEARCH

Source:Japancustoms,BofAGlobalResearch

Exhibit16:UpMoM

Shin-EtsuChemical(4063):Magnetexportvolume$pricefromJapan(ton,US$/kg)

42

Exportvolume(HS)Exportprice(RHS)

38

36

34

32

30

40

1357911135791113579

202420252026

BofAGOBARESEARCH

Source:Japancustoms,BofAGlobalResearch

ChemicalMetalWatch|30October20265

Chemicals

Exhibit17:DownMoM

Toray(3402):Nylonresinexportvolume&pricefromJapan(000ton,US$/ton)

Exportvolume(HS)Exportprice(RHS)

2.52.01.51.00.5

0.0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

6,500

6,000

5,500

5,000

4,500

4,000

RESEARCH

Exhibit19:UpMoM

AsahiKasei(3407):Nylonresinexportvolume&pricefromJapan(000ton,US$/ton)

1.0

0.0

2.0Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

5,500

5,000

4,500

4,000

3,500

3,000

RESEARCH

Exhibit18:DownMoM

AsahiKasei(3407):Polyacetalexportvolume&pricefromJapan(000ton,US$/ton)

Exportvolume(HS)Exportprice(RHS)

1.61.41.21.00.80.60.40.2

0.0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

4,500

4,000

3,500

3,000

2,500

2,000

RESEARCH

Exhibit20:UpMoM

AsahiKasei(3407):Nylonfiberexportvolume&pricefromJapan(000ton,US$/ton)

4,800

3.0

Exportvolume(HS)Exportprice(RHS)

4,600

4,400

4,200

4,000

3,800

3,600

3,400

3,200

3,000

2.0

1.0

0.0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

RESEARCH

6ChemicalMetalWatch|30October2026

Exhibit21:DownMoM

AsahiKasei(3407):Bembergexportvolume&pricefromJapan(000ton,US$/ton)

600Exportvolume(HS)Exportprice(RHS)500

400

300

200

100

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

16,500

16,000

15,500

15,000

14,500

14,000

13,500

13,000

RESEARCH

Exhibit23:UpMoM

SumitomoChemical(4005):Propyleneoxideexportvolume&pricefromJapan

2.0

Exportvolume(HS)

Exportprice(RHS)

3,000

2,500

2,000

1.0

1,500

1,000

500

0.0

0

1

9

3579

1

3

57

2025

11

1

3579

2026

11

2024

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

RESEARCH

Exhibit25:DownMoM

Tosoh(4042):VCMexportvolume&pricefromJapan(000ton,US$/ton)

90

60

30

0

Exportvolume(HS)

Exportprice(RHS)

1357911135791113579

202420252026

900

600

300

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit22:DownMoM

AsahiKasei(3407):Adipicacidexportvolume&pricefromJapan(000ton,US$/ton)

1357911135791113579

0.6Exportvolume(HS)Exportprice(RHS)0.4

0.0

0.2

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

RESEARCH

Exhibit24:DownMoM

OsakaSoda(4046):Epichlorohydrinexportvolume&pricefromJapan(000ton,US$/ton)

2,500

2,000

1,500

1,000

4.23.63.02.41.81.20.60.0

Exportvolume(HS)Exportprice(RHS)

500

1

3

579

2024

11

1

3

579

2025

11

1

357

2026

9

0

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit26:ExportsandestimatedexportsofsubsidiaryTaiyoVinyl

Tosoh(4042):PVCexportvolume&pricefromJapan(000ton,US$/ton)

30

900

850

800

750

700

650

600

550

500

Exportvolume(HS)Exportprice(RHS)

20

0

10

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

ChemicalMetalWatch|30October20267

Exhibit27:UpMoM

600

200

160

120

80

300

Tosoh(4042):Causticsodaexportvolume&pricefromJapan(000ton,US$/ton)

Exportvolume(HS)Exportprice(RHS)

40

0

0

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit29:latMoM

Tosoh(4042):Cumeneexportvolume&pricefromJapan(000ton,US$/ton)

15

0

30Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

1,600

1,200

800

400

0

RESEARCH

Exhibit31:DownMoM

Tosoh(4042):Ethyleneamineexportvolume&pricefromJapan(000ton,US$/ton)

6.0

4.0

2.0

0.0

Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

5,000

4,400

3,800

3,200

2,600

2,000

RESEARCH

Exhibit28:UpMoM

Tosoh(4042):MDIexportvolume&pricefromJapan(000ton,US$/ton)

2,800

40

30

20

10

Exportvolume(HS)

Exportprice(RHS)

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

2,600

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

RESEARCH

Exhibit30:UpMoM

Tosoh(4042):Chloroprenerubberexportvolume&pricefromJapan(000ton,US$/ton)

3.0

1.5

0.0

Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

7,000

5,500

4,000

2,500

RESEARCH

Exhibit32:DownMoM

Tosoh(4042):Bromineexportvolume&pricefromJapan(ton,US$/ton)

1,400

1,200

1,000

800

600

400

200

0

Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

6,000

5,000

4,000

3,000

2,000

1,000

0

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

8ChemicalMetalWatch|30October2026

Exhibit33:UpMoM

Tosoh(4042):Manganesedioxideexportvolume&pricefromJapan(ton,US$/ton)

Exportvolume(HS)Exportprice(RHS)

2,2002.0

2.52,400

2,000

1.51.00.50.0

1,800

1,600

1,400

1,200

1,000

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit35:UpMoM

Denka(4061):Sphericalaluminaexportvolume&pricefromJapan(ton,US$/ton)

Exportvolume(HS)Exportprice

400

(RHS)

300

200

100

1357911135791113579202420252026

0

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

RESEARCH

Exhibit37:Priceincreased

Denka(4061):Chloroprenerubberexportvolume&pricefromJapan(000ton,US$/ton)

8Exportvolume(HS)Exportprice(RHS)6

4

2

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

5,600

5,400

5,200

5,000

4,800

4,600

4,400

4,200

4,000

RESEARCH

Exhibit34:UpMoM

Denka(4061):Acetyleneblackexportvolume&pricefromJapan(ton,US$/ton)

0

300

250

1357911135791113579202420252026

350Exportvolume(HS)Exportprice(RHS)

200

150

100

50

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

12,000

10,000

8,000

6,000

4,000

2,000

0

RESEARCH

Exhibit36:UpMoM

Denka(4061):Sphericalsilicaexportvolume&pricefromJapan(ton,US$/ton)

8,000

7,000

6,000

600

Exportprice(RHS)

Exportvolume(HS)

500

400

5,000

4,000

3,000

2,000

1,000

300

200

100

0

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit38:DownMoM

Shin-EtsuChemical(4063):PVCexportvolume$pricefromJapan(000ton,US$/ton)

30Exportvolume(HS)Exportprice(RHS)20

10

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

1,200

1,100

1,000

900

800

700

600

RESEARCH

ChemicalMetalWatch|30October20269

Exhibit39:UpMoM

Shin-EtsuChemical(4063):Siliconeexportvolume$pricefromJapan(000ton,US$/ton)

18,000

6

Exportprice(RHS)

5

4

Exportvolume(HS)

12,000

3

2

6,000

1

0

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit41:UpMoM

Shin-EtsuChemical(4063):PVAexportvolume$pricefromJapan(000ton,US$/ton)

3.53.02.52.01.51.00.50.0

Exportvolume(HS)Exportprice(RHS)

3,200

3,000

2,800

2,600

2,400

2,200

1357911

1357911

13579

2024

2025

2026

2,000

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit43:latMoM

MitsubishiGasChemical(4182):PolyacetalexportvolumeandpricefromThailand(ton,US$/ton)

2,200

Volume(HS)Price(RHS)

12,000

8,000

1,600

1,000

0

4,000

13

57911

2024

1

3

57911

2025

1

357

2026

9

Source:Thailandcustoms,BofAGlobalResearch

BofAGOBARESEARCH

5,0004,5004,0003,5003,0002,5002,0001,5001,000 5000

Exhibit40:DownMoM

Shin-EtsuChemical(4063):Celluloseexportvolume$pricefromJapan(ton,US$/ton)

1,000

900

800

700

600

500

400

300

200

100

0

18,000

16,000

Exportvolume(HS)Exportprice(RHS)

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

1357911135791113579202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

7,500

6,000

4,500

3,000

Exhibit42:ThisdataisrelatedwithShin-EtsuChemical(4063)SiliconeexportvolumeandpricefromThailand(ton,US$/ton)

Volume(HS)Price(RHS)

1357911

1357911

13579

2024

2025

2026

Source:Thailandcustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit44:UpMoM

MitsubishiGasChemical(4182):Isophtalicacidexportvolume&pricefromJapan(000ton,US$/ton)

8

6

4

2

Exportvolume(HS)Exportprice(RHS)

1,500

1,200

900

600

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

RESEARCH

10ChemicalMetalWatch|30October2026

Exhibit45:UpMoM

MitsubishiGasChemical(4182):MXDAexportvolume&pricefromJapan(000ton,US$/ton)

5,500

2.0

Exportvolume(HS)Exportprice(RHS)

5,000

4,500

1.0

4,000

3,500

1357911

1357911

13579

2024

2025

2026

0.0

3,000

Source:Japancustoms,BofAGlobalResearch

RESEARCH

BofAGOBA

Exhibit47:UpMoM

MitsubishiGasChemical(4182):Neopentylglycolexportvolume&pricefromJapan(000ton,US$/ton)

1,800

3.0

Exportvolume(HS)Exportprice(RHS)

2.0

1,200

1.0

13

579

2024

11

1

3

579

2025

11

1

357

2026

9

600

0.0

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit49:DownMoM

MitsubishiGasChemical(4182):Polycarbonateexportvolume&pricefromJapan(000ton,US$/ton)

25,000

20,000

15,000

10,000

5,000

0.80.6

0.40.2

Exportvolume(HS)Exportprice(RHS)

0.0

0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit46:DownMoM

MitsubishiGasChemical(4182):Aromaticaldehydesexportvolume&pricefromJapan(000ton,US$/ton)

1,600

1,200

800

400

0

Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

10,000

7,000

4,000

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit48:DownMoM

MitsubishiGasChemical(4182):MMAmonomerexportvolume&pricefromJapan(000ton,US$/ton)

1357911

1357911

13579

2024

2025

2026

0

1.6Exportvolume(HS)Exportprice(RHS)1.2

0.8

0.4

0.0

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

Exhibit50:DownMoM

MitsubishiGasChemical(4182):Meta-xyleneexportvolume&priceJapan(000ton,US$/ton)

12

Exportvolume(HS)Exportprice(RHS)

8

4

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

6,000

4,500

3,000

1,500

RESEARCH

from

2,500

2,000

1,500

1,000

500

0

RESEARCH

ChemicalMetalWatch|30October202611

Exhibit51:DownMoM

MitsuiChemicals(4183):ensmonomerexportvalue&growthratefromJapan(BnJPY,YoY)

80.0%

2.52.01.51.00.5

Exportvalue(HS)Growthrate(RHS)

60.0%

40.0%

20.0%

0.0%

-20.0%

-40.0%

0.0

1357911135791113579

202420252026

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit53:UpMoM

MitsubishiChemicalGroup(4188):Polycarbonateexportvolume&pricefromJapan(000ton,US$/ton)

3,000

2.5

2.0

Exportvolume(HS)Exportprice(RHS)

2,000

1.5

1.0

1,000

0.5

0

0.0

1357911

1357911

13579

2024

2025

2026

Source:Japancustoms,BofAGlobalResearch

BofAGOBA

RESEARCH

Exhibit55:UpMoM

Daicel(4202):PBT&CPexportvolume&pricefromJapan

3.0

2.0

1.0

0.0

Exportvolume(HS)Exportprice(RHS)

1357911135791113579

202420252026

10,000

7,000

4,000

Source:Japancustoms,BofAGlobalResearch

BofAGOBARESEARCH

4.0

3.53.02.52.01.51.00.50.0

Exhibit52:DownMoM

MitsubishiChemicalGroup(4188):MMAmonomerexportvolumeandpricefromThailand(ton,US$/ton)

Volume(HS)Price(RHS)

16,0002,800

12,000

2,200

8,000

1,600

4,000

0

1,000

1357911135791113579

202420252026

Source:Thailandcustoms,BofAGlobalResearch

BofAGOBARESEARCH

Exhibit54:UpMoM

3,400

2,800

2,200

1,600

Daicel(4202):Polyacetalexportvolume&pricefromJapan(000ton,US$/ton)

Exportvolume(

HS)

Exportprice(RHS)

1

357911

2025

1

357

2026

9

1

357911

2024

BofAGOBA

Source:Japancustoms,BofAGlobalResearch

RESEARCH

Exhibit56:UpMoM

Daicel(4202):PPScompoundexportvolume&pricefromJapan

25,000

20,000

15,000

10,000

5,000

0

400

35