VFY export price of China in Nov hits second lowest of the year

According to customs data, VFY (H.S. code: 54033190) export of China in Nov 2024 further recovered to 9,590 tons, a month-on-month increase of 20.22% and a year-on-year growth of 41.22%. In Jan-Nov, the cumulative export volume is 86,017 tons, up 4.95% from the same period of 2023 with the volume of 81,958 tons. The average export volume in the first eleven months of 2024 is 7,820 tons, which is higher than 7,451 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 $5,192/mt in Nov, hitting the second lowest throughout the year. In Jan-Nov of this year, the average export price is $5,334/mt, which is much lower than $5,709/mt in the same period of 2023.

India, Pakistan, Turkey, Italy and South Korea are still the top five destinations of China's VFY export, accounting for 91% of total in the first eleven months of 2024. As for origins, Xinxiang Chemical Fiber, Jilin Chemical Fiber and Yibin Grace are the major exporters in China, taking up 93% of the total volume.

Among the top three destinations like India, Pakistan and Turkey, the export in Nov 2024 generally improved compared to the same period of 2023, especially a sharp year-on-year increase of 145% for Pakistan, with the volume rising from 1,121 tons to 2,747 tons. As for the top four origins, the export from Henan, Jilin, Sichuan and Hubei also increased, representing a year-on-year growth of 9-54%. Among them, the export from Henan and Sichuan grew notably by 54.3% and 40.6% respectively.