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Insight | Time: Aug 4 2020 8:48AM
Spandex export descends in H1 2020
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According to the latest statistics from China Customs, exports of spandex (Hs code 54024410) amounted to 28.8kt in the first half of 2020, down by 11.5% compared with the same period of last year impacted by the COVID-19 pandemic. Average export price of H1 2020 was at $4.868/kg, a y-o-y decrease of $0.37/mt. In Jun 2020, spandex exports rose by 48.1% m-o-m and down 37% y-o-y to 3,236 mt, with average export price down by $0.516/mt on the month to $4.528/kg.

Spandex exports shrank apparently in H1 2020: exports were moderate in Q1, with export volume up by 15.6% on the year, but declined substantially in Q2, down by 40.5% from last year. Demand for spandex from many nations apparently descended with the spreading of pandemic worldwide. Monthly export volume was volatile: exports rose by more than 30% on the month in Jan as the Lunar Chinese New Year holiday came earlier than past years, shrank by above 30% affected by the COVID-19 outbreak in Feb, and hit historic new high in Mar after new orders appeared and the delivery of previous orders resumed. In the second quarter of 2020, spandex exports were low. Exports hit the new low since Oct 2011 in May and slightly recovered in Jun. Average spandex exports were above 3,100mt in Q2 2020, down by around 40% on the year.

1. Spandex export by destination: exports to Turkey obviously shrank
Turkey, Egypt, Vietnam, Iran, South Korea, Taiwan of China, Pakistan, Netherland and Brazil were major export markets for spandex, and most witnessed falling volume, excluding Netherland, Taiwan of China and Brazil. Export destinations increased by 5 on the year to 86 in H1 2020, and the new buyers mainly purchased spandex for ear band of mask affected by the pandemic.

Turkey was the biggest export market in H1 2020, with volume at 4,754mt, sharing around 16.5% of the total, but the volume reduced by 35.5% on the year. The local production of textiles and apparels was hit by the pandemic after Mar, and some companies suspended production, with falling demand for spandex. Exports of spandex to Vietnam totaled 2,262mt, taking up 7.9% of the total, those to Iran amounted to 2,229 mt, occupying around 7.7% of the total, and those to other 77 nations approached 9,800mt, possessing above 34% of the total and overall volume down by 2.1% y-o-y.

2. Export price comparison by destination
Export price of spandex averaged at $4.868/mt in H1 2020, down by $0.370/kg from the same period of last year. Exports price to Turkey, Egypt, Brazil, Iran and so on was lower than the H1 average, while that to markets like Singapore, Japan, Thailand and Netherland was higher than the H1 average.

3. Major export origins of spandex

Export origins of spandex focused on Zhejiang, Jiangsu, Guangdong, Chongqing, Henan and Shandong, with total share of these provinces at 93.8%, up by 1.1% y-o-y. Jiangsu, Guangdong, Chongqing and Shandong saw rising proportion compared with the corresponding period of 2019.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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