Export

According to the latest data from China customs, exports of spandex amounted to 54.2kt in Jan-Sep, 2023, down by 5.2% or 2,984 tons on the year. Export unit price was at $5.039/kg in Jan-Sep, a year-on-year reduction of $3.220/kg.

Export: gradually climbed up from Q1 to Q3

Exports of spandex gradually increased quarter by quarter in Q1-Q3, 2023. Monthly spandex export slowly rose in Q1, which were low in Jan and Feb affected by the Spring Festival but obviously increased in Mar. The spandex exports in Q1 2023 was far lower than the corresponding period of 2020-2022 and was close to that in Q1 2019, close to the second lowest in recent five years. In Q2, spandex exports was low at first but rose later. Total exports in Q2 hit the second highest in recent five years with greatly depreciating exchange rate of RMB against the USD and growing overseas demand, which increased by 1273 tons over Q1. In Q3, exports of spandex slightly moved up on the quarter, kicking the historic high in five years. Long supply in local China and the depreciation of exchange rate of RMB against USD favored the increase in spandex exports.

Major export destinations

Spandex were exported to 107 nations or regions in Jan-Sep, 2023, up by 7 on annual basis. Turkey was still the biggest export destination, followed by Vietnam and Egypt. South Korea was the fourth biggest export market. The proportion of the top four nations totaled 46%. Exports to Turkey amounted to 9883 tons in Jan-Sep, down by 30% or 4245 tons year on year, taking up 18.2% of the total. Europe and US saw high inflation due to geopolitical issue. It was difficult to export spandex to Turkey. Exports of spandex to Vietnam approached 7935 tons in Jan-Sep, a year-on-year rise to 131.7%, accounting for 14.6% of the total, those to Egypt reached 3707 tons, up by 28.1% on annual basis, occupying 6.8% of the total, and those to South Korea fell by 10.2% year on year to 3386 tons, taking up around 6.2% of the total.

Exports of spandex to Turkey, Taiwan of China, Brazil and Pakistan reduced by 4245 tons, 1345 tons, 1279 tons and 882 tons respectively and those to many other nations also dropped.

Major export origins in China

Exports of spandex from Chongqing, Fujian, Henan and Ningxia increased in Jan-Sep, 2023, which advanced by 13.5%, 184%, 9.6% and 6206% respectively, those from most other origins all decreased.

Import

Import of spandex was at 35.5kt in Jan-Sep, 2023, hitting new high in recent five years and up by 87.6% or 16.6kt year on year. The import unit price was at $5.391/kg, down by $4.054/kg on annual basis. Textile and apparel companies in Vietnam and nearby nations saw scarce orders and their demand for spandex was feeble. Apparently increasing spandex was exported to Chinese mainland, especially from Vietnam.

Import: import volume increases quarter by quarter in Q1-Q3

Imports of spandex rose quarter by quarter in Jan-Sep, 2023. From Q1 to Q3, spandex imports approached 9010 tons, 11402 tons and 15.1kt respectively. Imports in Q3 kicked multi-year new high, up by 131% on the year, with monthly import all above 5000 tons.

Major import origins

Vietnam, Singapore, South Korea and Japan were major import origins of spandex in China in Jan-Sep, 2023, with the proportion of these four nations at as high as 97.7%. Import from Vietnam surged by 17.8kt to 27.2kt, with market share up to around 80%, those from Singapore grew by 3.9% on annual basis, those from Japan advanced by 10.4% to 1973 tons and those from South Korea fell by around 1/4 to 2242 tons.

Major import destinations of spandex

Zhejiang, Guangdong, Jiangsu, Shandong, Fujian, Shanghai, Tianjin and Sichuan were major import destinations for spandex in Jan-Sep, 2023, with the proportion of Zhejiang, Guangdong and Jiangsu at 95.2%, up by 0.9 percentage points on annual basis. Zhejiang, Guangdong and Jiangsu are also major consumption provinces of spandex in China.