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China's spandex export increases YOY in January-August, 2024

2024-10-28 09:27:26 CCFGroup

According to the latest data from China customs, under Hs code 54024410, exports of spandex amounted to 50.6kt in January-August, 2024, which was medium in recent six years, up by 5% or 2403 tons year on year. The export unit price was at $4.661/kg in January-August, down by $0.387/kg on annual basis.

Export volume of spandex was in range bound in January-August, 2024, with monthly volume averaged at above 6300 tons

In January-February, 2024, spandex exports were low in recent years. The transportation near the Red Sea and Mediterranean was greatly affected by the geopolitical issue. Exports of spandex to Turkey have been apparently squeezed from December 2023 to February 2024. From March, when the sea freight retreated from high level, overseas demand recovered and there was less disruption from holiday, spandex exports apparently rose to 7022 tons. Spandex exports inched down to 5644 tons in April, stabilized at 6554-6986 tons in May-August. Spandex exports totaled 6986 tons in August, up by 6.6% on the month and 17.9% year on year, and the export unit price was at $4.46/kg, down by $0.011/kg over last month.

Major export destinations

In January-August, 2024, spandex were exported to 104 nations, down by 3 year on year. Turkey, Vietnam, Egypt and Pakistan were the top four export markets, and these four nations accounted for 37.1% of the total exports. Exports to Turkey, Vietnam and South Korea decreased obviously by around 30-40% on the year.

The market share of Turkey, Vietnam and South Korea slipped obviously on the year in January-August, 2024, with decrement at 5, 3.4 and 2.2 percentage points respectively.

Major export destinations of spandex in Jan-Aug, 2024

Destination

Volume/kg

Value/USD

Proportion

Average price/$/kg

YOY change/kg

YOY change/%

Turkey

5,551,719

21,851,772

11.00%

3.936

-3,492,159

-38.60%

Vietnam

5,405,834

26,058,273

10.70%

4.82

-1,894,377

-25.90%

Egypt

4,648,416

14,426,787

9.20%

3.104

1,408,385

43.50%

Pakistan

3,179,151

19,059,410

6.30%

5.995

1,229,092

63.00%

India

3,156,273

14,988,287

6.20%

4.749

1,196,225

61.00%

Bangladesh

2,485,603

12,239,813

4.90%

4.924

812,205

48.50%

Indonesia

2,183,612

9,681,442

4.30%

4.434

444,379

25.60%

Columbia

2,135,167

7,382,711

4.20%

3.458

646,729

43.50%

South   Korea

1,918,460

8,909,090

3.80%

4.644

-1,120,314

-36.90%

Mexico

1,845,214

9,663,847

3.60%

5.237

631,741

52.10%

Other

18,059,484

91,421,957

35.70%

5.062

2,541,427

16.40%

Total

50,568,933

235,683,389

100.00%

4.661

2,403,333

5.00%

Export origins

In January-August, 2024, exports from Zhejiang, Guangdong, Henan, Jiangsu and Chongqing was big. Export from Shandong, Zhejiang, Guangdong and Henan rose by 91%, 55%, 50% and 23% respectively, while those from Chongqing, Fujian, Jiangsu and Ningxia fell by 66%, 42%, 32% and 6% year on year respectively.

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