Analysis of spandex import and export in Jan-Sep, 2021

I. Import

According to the statistics from China Customs, imports of spandex, under Hs code 54024410, totaled 27.9kt in Jan-Sep, 2021, up by 39.3% or 7,867 mt on the year and up 34.1% from 2019 level, which was mainly because demand was strong this year while presented meager during the same period of last year due to the outbreak of the pandemic. Monthly import of spandex was at 3,100 tons in Jan-Sep, 2021. The import unit price was at $9.716/kg, up by $3.687/kg on the year and $2.489kg from the same period of 2019 respectively.

1. Spandex import by origin

Vietnam sustained the biggest import origin for spandex in Jan-Sep, 2021, with import volume up by 18% on the year to 12.5kt, accounting for around 45% of the total. South Korea was the second largest import origin, with import volume at 4,674 tons in Jan-Sep, up by 105% on annual basis and taking up around 17% of the total. Imports from Singapore rose by 27% on the year to 4148, possessing 15% of the total. Imports from Japan increased to 2,131 tons and those from Indian totaled 1,782 tons. Imports from India approached at 405 tons, 694 tons, 481 tons and 202 tons in Jun-Sep respectively. Imports from Vietnam, South Korea and Singapore accounted for 76.5% of the total.

2. Import price of spandex by origin

Import price of spandex remained divided in Jan-Sep but that of most varieties obviously rose on the year. Average import price increased by $3.687/kg compared with the same period of last year to $9.716/kg in Jan-Jul, 2021 and advanced by $2.489/kg compared with the same period of 2019.

3. Import of spandex by destination

Guangdong, Zhejiang, Shanghai, Jiangsu, Shandong, Tianjin, Fujian, Beijing and Sichuan were major import destinations for spandex. In Jan-Sep, 2021, Zhejiang and Guangdong accounted for around 90% of the total, down by 1.4 percentage points on annual basis, which were major spandex consumption markets. Zhejiang saw particularly higher proportion, with market share up by 21.6 percentage points to 46% compared with the corresponding period of 2019 and flatting with the level in the same period of 2020.

II. Export

According to statistics from China Customs, exports of spandex, under Hs code 54024410, totaled 61.8kt in Jan-Sep, 2021, up by 32.9% or 15,286mt on the year and up by 29.0% from 2019 level, with monthly average volume at 6864 tons, and export unit price was at $8.281/kg, up by $3.517/kg on the year and $3.053/kg from the same period of 2019 respectively.

Exports of spandex have been high in the first half of 2021, which hit historic new high at 8,719 tons in Jan, at 6,507 tons in Feb, at 8,100 tons in Mar and kicked new high again in Apr at 9,427 tons but declined to 7,756 tons in May amid tight supply and short containers and dropped to 5,697 tons in Jun. Spandex exports hit yearly low in Jul and slightly increased in Aug, the second low in 2021, but rose to 5,435 tons in Sep with eased tightness of containers and falling sea freight.

1. Spandex export by destination

Turkey remained the biggest export destination. Exports of spandex to Turkey, South Korea, Taiwan of China and Egypt still accounted for above 40% of the total. Exports to Columbia, Turkey, Bangladesh, Taiwan of China, and India all rose by 63-134% on the year in Jan-Sep, 2021.

2. Export price of spandex by destination

Export price of spandex was still obviously diversified in Jan-Sep and hat of most varieties obviously climbed up on the year. Average export price rose by $3.517/kg compared with the same period of last year to $8.281/kg in Jan-Sep, 2021, up by $3.053/kg from the same period of 2019.

3. Export of spandex by origin

Zhejiang, Jiangsu, Guangdong, Chongqing, Henan and Shandong were major export suppliers of spandex in Jan-Sep, 2021, occupying 93.6% totally, basically flatting with the corresponding period of last year. Proportion of Zhejiang, Jiangsu and Guangdong all declined on the year.