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China's spandex exports move up in January-October, 2024

2024-12-05 09:52:28 CCFGroup

According to the latest data from China customs, under Hs code 54024410, exports of spandex amounted to 65.2kt in January-October, 2024, which was the second highest in recent six years, up by 8.9% or 5319 tons year on year. The export unit price was at $4.579/kg in January-October, down by $0.448/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. In October 2024, spandex exports surged to be high in recent year, totaled 8151 tons, up by 25.7% on the month and 43.3% year on year, and the export unit price was at $4.135/kg, down by $0.363/kg over last month.

Major export destinations

In January-October, 2024, spandex were exported to 110nations, up by 1 year on year. Turkey, Vietnam, Egypt and India were the top four export markets, and these four nations accounted for 38.7% of the total exports. Exports to Turkey, Vietnam and South Korea decreased obviously by around 20-40% on the year.

The market share of Turkey, Vietnam and South Korea slipped obviously on the year in January-October, 2024, with decrement at 3.9, 2.9 and 2.4 percentage points respectively.

Major export destinations of spandex in Jan-Oct, 2024
Destination Volume/kg Value/USD Proportion Average price/$/kg YOY change/kg YOY change/%
Turkey 7,876,694 29,459,023 12.10% 3.74 -2,468,502 -23.90%
Vietnam 7,274,322 34,532,211 11.20% 4.747 -1,362,449 -15.80%
Egypt 5,916,762 18,687,542 9.10% 3.158 1,709,052 40.60%
India 4,184,521 19,408,382 6.40% 4.638 1,678,697 67.00%
Pakistan 3,826,057 22,866,472 5.90% 5.977 1,051,709 37.90%
Bangladesh 3,150,944 15,225,665 4.80% 4.832 937,232 42.30%
Indonesia 2,644,902 11,681,583 4.10% 4.417 490,618 22.80%
Columbia 2,628,722 9,065,154 4.00% 3.449 741,857 39.30%
South Korea 2,366,498 10,985,765 3.60% 4.642 -1,306,268 -35.60%
Mexico 2,226,737 11,214,637 3.40% 5.036 536,932 31.80%
Other 23,109,128 115,432,655 35.40% 4.995 3,310,588 16.70%
Total 65,205,287 298,559,089 100.00% 4.579 5,319,466 8.90%

Exports of spandex to US

In the context of Trump's victory in the U.S. elections and the potential implementation of his trade policies, the trade landscape faces many uncertainties. There have been rumors that Trump's election could lead to a 10% increase in global tariffs and a possible 60% tariff increase on China. If this is the case, the impact will gradually become apparent. According to the export data of Chinese spandex to the U.S. from 2019 to the first ten months of 2024, China's share of spandex exports to the U.S. has remained relatively low, hovering around 1.25% to 1.84% for many years.

Spandex export (Unit: tons) 2019 2020 2021 2022 2023 Jan-Oct, 2024
Export in Chinese mainland 62,419 65,134 80,350 71,034 69,629 65,205
Exports to US 1,017 1,073 1,182 1,001 869 1,200
Proportion of US 1.63% 1.65% 1.47% 1.41% 1.25% 1.84%

In January-October, 2024, the cumulative export volume of spandex from Chinese mainland to the U.S. reached 1,200 tons, a year-on-year increase of 59%. Notably, the export volume of spandex to the U.S. in September and October showed significant year-on-year growth of 62% and 96%, respectively.

However, given the currently small base of direct spandex exports from China to the U.S., even in the face of increased tariff pressure, the direct impact is relatively limited. Nonetheless, it is important to note that spandex, as a crucial elastic fiber material in the textile and apparel industry chain, could see its downstream products-clothing and textiles-face a greater impact. The U.S., being a significant consumer market for textiles and apparel globally, would see a substantial weakening of price competitiveness for Chinese textile and apparel products if tariffs are significantly increased, which would, in turn, affect order quantities and export volumes, posing certain challenges to the development of the entire textile and apparel export industry. Relevant enterprises need to proactively develop strategies to mitigate potential risks.

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