China's spandex import &export not shrug off downtrend in Q3

According to the latest data from China customs, exports of spandex amounted to 57.1kt in Jan-Sep, 2022, a year-on-year decrease of 7.4% or 4,594 tons. Imports of spandex declined by 32.2% or 8,985 tons on the year to 18.9kt in in Jan-Sep. That meant the net exports were at 38.7kt, up 14.4% on annual basis.

Imports of spandex touched bottom in Feb, gradually rose in Jan-May, declined sharply in Jun and remained low later. Imports slightly rose in Sep with tight supply in local China. Exports of spandex kept falling month by month in Jan-May, moved up in Jun and sustained low in Q3.

Export decreased by around 10% year on year

According to the latest data from China customs, exports of spandex amounted to 57.1kt in Jan-Sep, 2022, a year-on-year decrease of 7.4% or 4,594 tons. The average export unit price was at $8.259/kg in Jan-Sep, 2022, down by $0.022/kg on the year. Exports of spandex slipped by near 10% on the year in Jan-Aug, 2022. The production and export recovered in textile and apparel production bases including India and Vietnam in Q2 but slipped in Q3. Overseas buyers mainly purchased spandex on a need-to-basis.

Spandex were exported to 100 nations or regions in Jan-Sep, 2022, up by 4 on annual basis. Turkey sustained the biggest export destination, followed by South Korea and Vietnam. Pakistan was the fourth biggest export market. The proportion of the top four nations amounted to 43% of the total. Exports to Columbia, Taiwan of China and Bangladesh slipped apparently, with total volume down by above 1000 tons in Jan-Sep, and those to Brazil and Egypt also dropped by more than 500 tons.

Imports decreased by above 30% on the year

Imports of spandex declined by 32.2% or 8,985 tons on the year to 18.9kt in in Jan-Sep. Import unit price averaged at $9.444/kg, down by $0.272/kg year on year. Imports of spandex kept low in Jan-Sep, 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. Players focused on consuming domestic spandex when domestic sales were soft in Jun-Sep, supply exceeded demand and the exchange rate of RMB against USD depreciated. They reduced imports. Imports of spandex were at 2,394 tons in Sep 2022, up 2.9% on the month and down 34.4% on the year, with import unit price at $6.901/kg, down $1.163/kg on monthly basis.

Vietnam, Singapore, South Korea and Japan were major import origins in Jan-Sep, 2022, with the total proportion of these four nations at 91.0%. Imports from Vietnam, Singapore, South Korea and Japan fell by 25.2%, 24.8%, 37.0% and 16.2% respectively. Imports from most nations moved down.