VFY export of China recovers in Oct

According to customs data, VFY (H.S. code: 54033190) export of China in Oct 2024 recovered to 7,977 tons, a month-on-month increase of 11.67% and a year-on-year growth of 5.44%. In Jan-Oct, the cumulative export volume is 76,427 tons, up 1.68% from the same period of 2023 with the volume of 75,167 tons. The average export volume in the first ten months of 2024 is 7,643 tons, which is higher than 7,517 tons in the same period of 2023.

The export price of VFY has been falling since the beginning of this year, from $5,676/mt in Jan to $5,156/mt in Jul, rebounding to $5,514/mt in Sep, but falling again to $5,291/mt in Oct. In Jan-Oct of this year, the average export price is $5,352/mt, which is much lower than $5,702/mt in the same period of 2023.

India, Pakistan and Turkey are still the top three destinations of China's VFY export, accounting for 85% of total in the first nine months of 2024. As for origins, Jilin Chemical Fiber, Xinxiang Chemical Fiber, and Yibin Grace are the major exporters in China, taking up 92% of the total volume.

Among the top five destinations like India, Pakistan and Turkey, Italy and South Korea, the export in Oct 2024 generally decreased compared to the same period of 2023, with the reduction ranging from 5% to 39%, especially a marked reduction of South Korea at 39%. As for the top four origins, the export from Henan, Jilin, Sichuan and Hubei all decreased, representing a year-on-year reduction of 8-29%.