VFY export of China in Dec 2024 exceeds 10kt for the first time within the year

According to customs data, VFY (H.S. code: 54033190) export of China in Dec 2024 further recovered to 10.16kt, a month-on-month increase of 5.95% and a year-on-year growth of 25.12%, which was the first time of exceeding 10kt throughout the year. In 2024, the cumulative export volume is 96.177kt, up 6.77% from the same period of 2023 with the volume of 90.08kt. The average export volume in 2024 is 8,015 tons, which is higher than 7,507 tons in 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 of 2024, ending the year at $5,233/mt. In 2024, the average export price is $5,323/mt, which is much lower than $5,695/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 2024. As for origins, Xinxiang Chemical Fiber, Jilin Chemical Fiber, Yibin Grace and Hubei Golden Ring are the major exporters in China, taking up 98% of the total volume.

The export to the top five destinations in 2024 generally improved compared to the previous year, with the year-on-year growth ranging within 8-17%, except for a reduction for Italy and South Korea in particular, with a notable decline for the latter at 22%. As for the top four origins, the export from Henan, Jilin, and Hubei also increased, representing a year-on-year growth of 2-18%. However, the export from Sichuan saw a decline of 10% in 2024.

China is the most significant supplier of VFY globally with further increase in the export data in 2024, and the main consumer markets experiencing good economic growth and relatively optimistic demand expectations. Combined with the capacity expansion increasing sales enthusiasm, it is expected that exports will continue to grow in 2025.