China's spandex exports extend higher in January-November, 2024

According to the latest data from China customs, under Hs code 54024410, exports of spandex amounted to 71.1kt in January-November, 2024, which was the second highest in recent six years, up by 10.6% or 6855 tons year on year. The export unit price was at $4.546/kg in January-October, down by $0.476/kg on annual basis. In 2024, spandex exports are expected to be around 78kt.

Monthly export fluctuation

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 and moved up greatly on the year and on the month. In November, spandex exports totaled 6580 tons, down by 19.3% on the month and up 30.5% year on year, and the export unit price was at $4.222/kg, up by $0.087/kg over last month.

Major export destinations

In January-November, 2024, spandex were exported to 110 nations, up by 1 year on year. Turkey, Vietnam, Egypt and India kept the top four export markets, and these four nations accounted for 38.7% of the total exports.

Spandex exports to Turkey, Vietnam and South Korea apparently dropped by 10-30% and those to other major markets moved up. The market share of Turkey, Vietnam and South Korea declined obviously on the year in January-November, 2024, with decrement at 4.0, 2.7 and 2.4 percentage points respectively.

In January-November, 2024, the cumulative export volume of spandex from Chinese mainland to the U.S. reached 1404 tons, a year-on-year increase of 72%. 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. In November, spandex exports to US surged by 229% to 204 tons. 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.

Exports of spandex to US

In the context of Trump winning the U.S. presidential election and potentially implementing his trade policies, the trade landscape is facing numerous uncertainties. Trump announced on November 25 that a 25% tariff would be imposed on all products entering the United States from Mexico and Canada, and a 10% tariff would be applied to goods from China.

From the export data of Chinese spandex to the U.S. from 2019 to the first 11 months of 2024, the export share of Chinese spandex to the U.S. has remained consistently low over the years, fluctuating roughly between 1.25% and 1.65%. However, in the first 11 months of 2024, this share has slightly increased to 1.96%.