China's spandex export falls YOY in Jan-Oct, 2023

According to the latest data from China customs, exports of spandex amounted to 59.9kt in Jan-Oct, 2023, down by 2.7% or 1,651 tons on the year. Export unit price was at $5.027/kg in Jan-Oct, a year-on-year reduction of $3.048/kg.

Export: gradually climbed up quarter by quarter

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. In Oct 2023, spandex exports were at 5688 tons, hitting medium-level in recent five years, down by 5.7% on the month and up 30.6% on the year. The export unit price was at $4.908/kg, down by $0.062/kg over last month.

Major export destinations

Spandex were exported to 109 nations or regions in Jan-Oct, 2023, up by 9 on annual basis. Turkey kept 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 44.9%.

Exports to Turkey amounted to 10.3kt in Jan-Oct, down by 29.3% or 4283 tons year on year, taking up 17.3% 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 8637 tons in Jan-Oct, a year-on-year rise to 131.4%, accounting for 14.4% of the total, those to Egypt reached 4208 tons, up by 37.4% on annual basis, occupying 7.0% of the total, and those to South Korea fell by 11.8%year on year to 3673 tons, taking up around 6.1% of the total.

Exports of spandex to Turkey, Taiwan of China, Brazil and Pakistan reduced by 4283 tons, 1407 tons, 1296 tons and 634 tons respectively and those to many other nations also declined.

Export origins

Exports of spandex from Chongqing, Fujian, Henan and Ningxia increased in Jan-Oct, 2023, which advanced by 16.1%, 167.4%, 13.1% and 1800.2% respectively, those from most other origins all fell.