VFY exports to Pakistan in May see a notable y-o-y decline of 40%

According to customs data, VFY (H.S. code: 54033190) export of China in May 2024 is 6,765 tons, a month-on-month decrease of 10% and a year-on-year decline of 1.66%. In Jan-May, the cumulative export volume is 35,670 tons, up 7.64% from the same period of 2023 with the volume of 33,139 tons. The average export volume in the first five months of 2024 is 7,134 tons, which is much higher than 6,628 tons in the same period of 2023.

However, the export price of VFY has been falling since the beginning of this year, from $5,676/mt in Jan to $5,215/mt in May. In Jan-Apr this year, the average export price is $5,395/mt, which is much lower than $5,778/mt in the same period of 2023.

India, Pakistan and Turkey are still the top three destinations of China's VFY export, accounting for 84% of total in the first four months of 2024. As for origins, Xinxiang Chemical Fiber, Jilin Chemical Fiber and Yibin Grace are the major exporters in China, taking up 92% of the total volume.

Among the top three destinations like India, Pakistan and Turkey, the export to Pakistan in May 2024 decreased notably by 40% compared to the same period of 2023. As for the top three origins, the export from Henan increased, while that from Jilin and Sichuan decreased, especially that from Sichuan with a year-on-year reduction of 34%.