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China's import and export of spandex in H1 2022

2022-08-08 08:47:45 CCFGroup

According to the latest data from China customs, exports of spandex amounted to 41.8kt in Jan-Jun, 2022, a year-on-year decrease of 9.5% or 4,404 tons. Imports of spandex declined by 15.9% or 2,335 tons on the year to 12.4kt in in Jan-Jun. That meant the net exports were at 29.4kt, down 6.6% on annual basis. Imports of spandex touched bottom in Feb and gradually increased but dramatically fell in Jun. Exports of spandex kept falling month by month while moved up in Jun.

Export down by near 10% y-o-y

According to the latest data from China customs, exports of spandex amounted to 41.8kt in Jan-Jun, 2022, a year-on-year decrease of 9.5% or 4,404 tons. The average export unit price was at $8.874/kg in Jan-Jun, 2022, up by $1.003/kg on the year. Exports of spandex slipped by near 10% on the year in the first half of 2022. The production and export recovered in textile and apparel production bases including India and Vietnam, but demand for spandex dropped with faster falling spandex price. Suppliers saw reducing new orders and dropping export volume. Spandex exports were at 6,727 tons in Jun, up 24.2% m-o-m and 18.1% y-o-y respectively, and the average export unit price at $8.185/kg, down $0.53/kg.

Spandex were exported to 93 nations or regions in Jan-Jun, 2022, flat on the year Turkey remained the biggest export destination, followed by South Korea and Pakistan. The proportion of the top three nations amounted to 43% of the total.

Exports to Brazil, Columbia, Bangladesh, Taiwan of China and the UAE decreased as high as 30-80% or 448-1,857 tons on annual basis.

Major export destinations of spandex in Jan-Jun, 2022
Destination	Volume/kg	Value/USD	Proportion	Average price/$/kg	YOY change/kg	YOY change/%
Turkey	12,675,121	107,393,453	30.30%	8.473	255,643	2.10%
South Korea	2,696,932	21,271,440	6.50%	7.887	315,119	13.20%
Pakistan	2,609,574	28,156,974	6.20%	10.79	866,947	49.70%
Vietnam	2,448,709	22,363,870	5.90%	9.133	139,819	6.10%
Egypt	2,234,869	20,653,768	5.30%	9.242	-431,928	-16.20%
Taiwan China	2,049,935	20,677,594	4.90%	10.087	-861,348	-29.60%
Indonesia	1,467,543	13,305,248	3.50%	9.066	486,794	49.60%
Bangladesh	1,264,057	11,802,616	3.00%	9.337	-1,068,636	-45.80%
Iran	1,189,931	10,415,994	2.80%	8.753	444,036	59.50%
Brazil	1,167,728	9,067,751	2.80%	7.765	-1,857,355	-61.40%
Other	11,980,380	105,707,186	28.70%	8.823	-2,693,463	-18.40%
Total	41,784,779	370,815,894	100%	8.874	-4,404,372	-9.50%

Imports reduced by around 20% on annual basis

Imports of spandex declined by 15.9% or 2,335 tons on the year to 12.4kt in in Jan-Jun, and the average import unit price was at $10.306/kg in Jan-Jun, up $1.499/kg y-o-y. Imports of spandex amounted to 1,764 tons in Jun, down 45.6% y-o-y and 49.4% m-o-m respectively, with import unit price averaged at $9.959/kg, up by $0.636/kg on the month. Imports of spandex remained low in the first half of 2022. As Hyosung Quzhou's plant suspended production in Apr and May amid the pandemic, imports of spandex from Vietnam increased, with imports of May hitting 4-year high.

Import origins of spandex in Jan-Jun, 2022
Origin	Volume/kg	Value/USD	Proportion	Average price/$/kg	YOY change/kg	YOY change/%
Vietnam	5,796,143	49,681,614	46.80%	8.571	-282,979	-4.70%
Singapore	2,291,609	27,793,308	18.50%	12.128	-302,723	-11.70%
South Korea	1,882,049	21,637,010	15.20%	11.497	-537,222	-22.20%
Japan	1,189,661	17,246,039	9.60%	14.497	-267,519	-18.40%
UK	534,345	4,410,271	4.30%	8.254	-122,736	-18.70%
Other	698,313	6,945,562	5.60%	9.946	-821,462	-54.10%
Total	12,392,120	127,713,804	100%	10.306	-2,334,641	-15.90%

Vietnam, Singapore, South Korea and Japan remained major import origins of spandex, with proportion of these four nations as high as 90% in H1 2022. Imports from Vietnam dropped by 4.7% to 5,796 tons, those from Singapore reduced by 11.7%, and those from South Korea and Japan apparently decreased by 22.2% and 18.4% year on year respectively.

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