China's spandex export extends lower YOY in Jan-Nov, 2023

According to the latest data from China customs, exports of spandex amounted to 64.9kt in Jan-Nov, 2023, down by 2.5% or 1,640 tons on the year. Export unit price was at $5.022/kg in Jan-Nov, a year-on-year reduction of $2.842/kg. Spandex export fell in Jan-Nov, 2023 in terms of price and quantity.

Export: Q4 exports estimated to fall on the 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-Nov, 2023, spandex exports were medium in recent five years. Spandex exports are estimated to reduce on the quarter in Q4.

Major export destinations

Spandex were exported to 109 nations or regions in Jan-Nov, 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%.

Exports to Turkey amounted to 10.8kt in Jan-Nov, down by 29.7% or 4557 tons year on year, taking up 16.6% of the total. Europe saw high inflation due to geopolitical issue. It was difficult to export spandex to Turkey. Exports of spandex to Vietnam approached 9,272 tons in Jan-Nov, a year-on-year rise to 121.5%, accounting for 14.3% of the total, those to Egypt reached 4567 tons, up by 27.9% on annual basis, occupying 7.0% of the total, and those to South Korea fell by 12.4% year on year to 3957 tons, taking up around 6.1% of the total.

Exports of spandex to Taiwan of China, Brazil and Pakistan reduced by 1436 tons, 1356 tons and 715 tons respectively and those to many other nations also inched down on annual basis.

Export origins

Exports of spandex from Chongqing, Fujian, Henan and Ningxia increased in Jan-Nov, 2023, which advanced by 12.6%, 157.1%, 10.6% and 765% respectively, those from most other origins descended.