China's spandex exports decrease in 2023

According to the latest data from China customs, exports of spandex amounted to 69.6kt in 2023, down by 2% or 1405 tons on the year. Export unit price was at $5.022/kg in 2023, a year-on-year reduction of $2.676/kg. Export volume and price of spandex both fell in 2023 in Chinese mainland.

Export: gradually climbed up from Q1 to Q3 but hit yearly low in Q4

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 rose by 292 tons 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 Q4, spandex exports approached 15.4kt, down by 11.4% year on year, mainly affected by soft overseas demand and the Red Sea tension. Spandex exports were low in Nov-Dec, 2023.

Major export destinations

Spandex were exported to 110 nations or regions in 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 42.9%. Exports to Turkey amounted to 11.1kt in 2023, down by31.1% or 5025 tons year on year, taking up 16.0% 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 9820 tons in 2023, a year-on-year rise to 117.3%, accounting for 14.1% of the total, those to Egypt reached 4760 tons, up by 23.8% on annual basis, occupying 6.8% of the total, and those to South Korea fell by 13.3% year on year to 4203 tons, taking up around 6.0% of the total.

Exports of spandex to Turkey, Taiwan of China, Brazil and Iran reduced by 5025 tons, 1400 tons, 1284 tons and 927 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 under high growth rate in 2023, which advanced by 10.5%, 136.5%, 7.5% and 339.7% respectively, those from some other origins all moved down.