China's spandex import &export keep shrinking in Jan-Nov

According to the latest data from China customs, exports of spandex amounted to 66.6kt in Jan-Nov, 2022, a year-on-year decrease of 10.2% or 7544 tons. Imports of spandex declined by 28.7% or 9722 tons on the year to 24.1kt in in Jan-Nov. That meant the net exports were at 42.5kt, up 5.4% on annual basis.

Net export of spandex apparently decreased in Jan-Nov, 2022. Imports of spandex touched bottom in Feb, gradually rose in Jan-May, declined sharply in Jun and remained low later. Imports slightly increased in Sep-Nov after domestic supply turned tight. Exports of spandex gradually dropped in Jan-May, 2022, slightly increased in Jun and were low in Q3 and Oct-Nov.

Export reduced by more than 10% YOY

According to the latest data from China customs, exports of spandex amounted to 66.6kt in Jan-Nov, 2022, a year-on-year decrease of 10.2% or 7544 tons. The average export unit price was at $7.864/kg in Jan-Nov, 2022, down by $0.731/kg on the year. Export of spandex dropped this year in terms of value and volume. The production and export recovered in textile and apparel production bases including India and Vietnam in Q2 but slipped in Q3 and Oct-Nov. Overseas buyers mainly purchased spandex on a need-to-basis. Exports to the top four destinations saw negative YOY growth and those to other markets also shrank apparently.

Spandex were exported to 102 nations or regions in Jan-Nov, 2022, up by 5 on annual basis. Turkey sustained the biggest export destination, followed by South Korea, Vietnam and Pakistan. The proportion of the top four nations amounted to 41.6% of the total. Exports to Columbia and Taiwan of China apparently decreased, all down by more than 2,000 tons on the year in Jan-Nov. Exports to Egypt and Brazil also reduced by near 1,000 tons.

Turkey sustained the top export market in Jan-Nov, 2022, accounting for 23.1% of the total, down by 3.9% on the year. Some domestic suppliers increased supplying to overseas market when supply of containers was long in Q1 2022. Exports of spandex to Turkey was high at the beginning of 2022 but apparently dropped in Mar when buyers turned to consume spandex prepared before, the Russia-Ukraine conflict intensified, energy price was rising and the consumption and new orders for textiles and apparels lacked momentum, extended lower in Apr and remained low in May-Nov. Exports slightly rose to 719 tons in Nov.

Imports fall by near 30%

Imports of spandex declined by 28.7% or 9722 tons on the year to 24.1kt in in Jan-Nov. Import unit price averaged at $8.832/kg, down by $1.239/kg year on year. Imports of spandex kept low in Jan-Nov, 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-Aug, supply exceeded demand and the exchange rate of RMB against USD depreciated. They reduced imports. Price of PTMEG and BDO rebounded strongly in Sep and Oct. Coupled with the coming of traditional peak season, spandex market witnessed better supply/demand pattern. Imports of spandex gradually grew. Imports of spandex rose by 7.9% on the month in Nov.

Vietnam, Singapore, South Korea and Japan were major import origins in Jan-Nov, 2022, with the total proportion of these four nations at 92.3%. Imports from Vietnam fell by 18.4% to 12.6kt, those from Singapore reduced by 25.1% and those from South Korea and Japan also prominently decreased by 35.4% and 19.7% on the year respectively. Imports of spandex from most origins fell.