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China's spandex export ascends YOY in Jan-Sep, 2024

2024-11-08 11:05:27 CCFGroup

According to the latest data from China customs, under Hs code 54024410, exports of spandex amounted to 57.1kt in January-September, 2024, which hit the second highest in recent six years, up by 5.3% or 2857 tons year on year. The export unit price was at $4.642/kg in January-September, down by $0.397/kg on annual basis.

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 6485-6986 tons in May-September. Spandex exports totaled 6485 tons in September, which was the lowest level in recent five months, down by 7.2% on the month and up 7.5% year on year, and the export unit price was at $4.498/kg, up by $0.038/kg over last month.

Major export destinations

In January-September, 2024, spandex were exported to 107 nations, flat year on year. Vietnam, Turkey, Egypt and India were the top four export markets, and these four nations accounted for 37.4% of the total exports. Exports to Vietnam, Turkey and South Korea decreased obviously by around 20-40% on annual basis and those to other markets largely rose.

The market share of Vietnam, Turkey and South Korea reduced apparently on the year in January-September, 2024, with decrement at 3, 5.2 and 2.3 percentage points respectively.

Major export destinations of spandex in Jan-Sep, 2024
Destination	Volume/kg	Value/USD	Proportion	Average price/$/kg	YOY change/kg	YOY change/%
Vietnam	6,332,553	30,424,307	11.10%	4.804	-1,602,798	-20.20%
Turkey	6,153,952	23,821,344	10.80%	3.871	-3,728,887	-37.70%
Egypt	5,212,406	16,218,955	9.10%	3.112	1,505,179	40.60%
India	3,664,668	17,067,897	6.40%	4.657	1,480,860	67.80%
Pakistan	3,503,122	21,010,147	6.10%	5.998	1,138,770	48.20%
Bangladesh	2,825,503	13,750,464	5.00%	4.867	919,181	48.20%
Indonesia	2,380,744	10,536,756	4.20%	4.426	442,402	22.80%
Columbia	2,301,762	7,945,922	4.00%	3.452	588,525	34.40%
South Korea	2,148,831	10,009,687	3.80%	4.658	-1,237,422	-36.50%
Taiwan China	2,005,903	14,085,170	3.50%	7.022	603,884	43.10%
Other	20,524,588	99,979,940	36.00%	4.871	2,746,880	15.50%
Total	57,054,032	264,850,589	100.00%	4.642	2,856,574	5.30%

Export origins

In January-September, 2024, exports from Zhejiang, Guangdong, Henan, Jiangsu and Chongqing was big. Export from Shandong, Zhejiang, Guangdong and Henan rose by 96%, 52%, 41% and 19% respectively, while those from Chongqing, Fujian and Jiangsu fell by 44%, 38% and 32% year on year respectively, and those from Ningxia were flat year on year.

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