Analysis: Chinese mainland's spandex exports in Jan-Feb 2024

According to China Customs, Chinese mainland's exports of spandex (HS code 54024410) in January-February 2024 were 10,800 tons, a year-on-year increase of 3.3% (or an increase of 341 tons); the average unit price in January-February 2024 was $4.947 per kilogram, down by $0.235 per kilogram year-on-year. Spandex exports from Chinese mainland in the first two months of this year were at a relatively low level compared to the past five years. Transportation near the Red Sea and the Mediterranean has been greatly affected by geopolitical conflicts, leading to a significant reduction in exports to destinations like Turkey since December last year.

I. The export destinations

In January-February 2024, Chinese mainland's spandex exports were directed to 83 countries or regions, a decrease of 3 compared to the same period last year. Vietnam was the largest destination for Chinese spandex exports in the first two months, with an export volume of 1,241 tons, accounting for 11.5% of the total, although its share has slightly decreased compared to previous years (see chart 3). Turkey was the second-largest destination, with an export volume of 1,223 tons in January-February this year, a significant decrease of 50.5% year-on-year, accounting for 11.3% of total spandex exports. The Red Sea incident caused a sharp increase in shipping prices to the region, leading to relatively high prices for spandex exports, impacting exports to the region. Exports to Egypt amounted to 767 tons, a decrease of 0.9% year-on-year, accounting for approximately 7.1% of mainland spandex exports

The exports to India increased significantly by 57.1% to 703 tons, accounting for about 6.5% of total. Vietnam, Turkey, Egypt, and India, which are among the top destinations for mainland spandex exports, collectively account for 36.4%. The noticeable decrease in spandex exports year-on-year is mainly concentrated in Turkey and Egypt.

III. The export origins

In January-February 2024, the exports of Shandong, Guangdong, Zhejiang, and Fujian showed significant growth, which increased by 145.0%, 85.1%, 42.7%, and 35.7%, respectively. However, exports from Chongqing, Jiangsu, and Ningxia declined by nearly 40-60% year-on-year.