Brief analysis of spandex import in H1 2023

According to the data from China customs under Hs code 54024410, import of spandex was at 20.4kt in Jan-Jun, 2023, up by 65% or 8,019 tons year on year. The import unit price was averaged at $5.680/kg in Jan-Jun, 2023, down by $4.626/kg on annual basis. Imports of spandex hit five-year high in Q1 and Q2, 2023, at 9,010 tons and 11,402 tons respectively. Imports from Vietnam apparently advanced in H1 2023.

Import from Vietnam hiked

Vietnam, Singapore, South Korea and Japan remained major import origins for spandex in H1 2023, with the proportion of these four nations as high as above 97%. Vietnam was the biggest import origin, with market share up to above 70%. Import of many regions declined in 2023 while that from Vietnam doubled, which pushed the overall spandex import up by 60-70% year on year. In the first half of 2023, export orders for textiles and apparels decreased in Vietnam amid Russia-Ukraine war and high inflation in Europe and US, and the export value shrank on annual basis. Under such circumstance, Hyosung Vietnam exported more spandex to Chinese mainland.

Import unit price

As for the import unit price from major origins, it was obviously diversified in H1 2023, mostly declining obviously. The average import unit price of spandex was at $5.680/kg in H1 2023, a year-on-year reduction of $4.626/kg. Import of spandex from South Korea, Thailand, Singapore, Mexico and India was lower than the H1 average and that from Japan and UK was higher than the H1 average.

Major import destinations for spandex

Zhejiang, Guangdong, Jiangsu, Shandong, Shanghai, Fujian, Tianjin and Sichuan were major import origins for spandex in H1 2023. The proportion of Zhejiang, Guangdong and Jiangsu who are major spandex consumption provinces in China was at 94.7%, up by 1.3 percentage points on the year.