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Insight | Time: Jan 17 2020 3:42PM
Analysis on China's spandex import and export in Jan-Nov 2019
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In 2019, under the circumstance of continuously slowdown global economic growth and the significantly rising risks and challenges at home and abroad, China’s imports and exports of foreign trade have steadily increased. From January to November 2019, China’s spandex imports and exports modestly ascended, with the year-on-year growth rate of import at 3.1% and the year-on-year growth rate of export at 5.4%.
  Import volume (mt) Export volume (mt)
January-November 2019 27,345 56,177
January-November 2018 26,530 53,286
Y-o-y change; % 3.10% 5.40%

Both the amount and the price of imported spandex rose
According to the customs statistics, spandex imports reached 27.3kt in January-November 2019, up 3.1% or 815mt compared with the same period of last year. The accumulative average import unit price was at $7.199/kg, increased by $0.043/kg year on year.

Statistics on import origins
In the first eleven months of 2019, although spandex imports ascended, the increment was relatively small. Firstly, impacted by bearish factors such as the great downward pressure on global economy and the ups and downs of the trade war, the demand growth of China’s spandex was relatively low amid the severe price competition in China’s spandex market. The oversupply pattern of domestic spandex was obvious, and prices largely moved down. The inventory reduction process was relatively slow, so the replenishment of import resources was not large. Secondly, China’s spandex plants expanded laterally and focused on the improvement of product quality as well as the research and development of differentiated products. Some plants still invested a lot in researching the integration of spandex and fabric. The replenishment increment of overseas high-end spandex resources slightly declined, with meagerly descending imports of high-end resources from South Korea and Brazil.

In terms of import origins, spandex import was dominated by resources transited from Vietnam, Singapore and Hong Kong, China, with the total import share of 66%. Besides, the increment of import resources transited or imported from Singapore, Japan, Thailand and Hong Kong, China rose significantly.
Import origins Trade volume (kg) Share (%) Unit price ($/kg) Y-o-y change (kg)
Vietnam 7,511,434 27.50% 4.407 -872,788
Hong Kong, China 5,365,329 19.60% 8.466 1,211,382
Singapore 5,040,305 18.40% 8.446 670,933
South Korea 2,544,010 9.30% 6.688 -26,700
Japan 1,953,455 7.10% 13.954 286,694
Brazil 1,184,749 4.30% 4.863 -64,681
Thailand 904,490 3.30% 7.653 241,588
Others (11 countries and regions) 2,841,233 10.40% 6.621 -631,663
Total 27,345,005 100.00% 7.199 814,764

Export volume ascended and price descended
According to the customs statistics, spandex export volume was 56.2kt in January-November 2019, with a year-on-year increase of 5.4% or 2,891mt. The average export unit price was at $5.208/kg, fell by $0.595/kg year on year. Despite the poor foreign trade environment, spandex exports still modestly ticked up amid the bullish environment brought by depreciated yuan against the dollar coupled with domestic spandex plants being active in export distribution. However, it was still difficult to change the weak pattern of price, and prices were significantly lower than the monthly average prices in 2018.

Statistics on export destinations
From the perspective of statistics on spandex export destination in January-November 2019, China’s spandex export destinations were dominated by Turkey, Vietnam, Egypt, South Korea, Pakistan and Bangladesh. In the first eleven months of this year, Turkey remained the largest export destination of China’s spandex, with the export volume of 12kt, which has exceeded the total exports of 2018. The exports of the first eleven months accounted for around 21.4% of China’s total exports, rose by above 30% year on year. Exports to most countries along the One Belt And One Road also increased to varying degrees.
Export destinations Trade volume (kg) Share (%) Unit price ($/kg) Y-o-y change (kg)
Turkey 12,036,529 21.40% 4.299 2,900,104
Vietnam 4,647,495 8.30% 5.322 557,256
Egypt 3,946,197 7.00% 4.116 126,377
South Korea 3,846,583 6.80% 4.773 -277,507
Pakistan 3,363,992 6.00% 7.694 313,879
Taiwan, China 2,602,059 4.60% 5.482 -1,651,501
Bangladesh 2,543,446 4.50% 5.536 652,450
Indonesia 1,942,712 3.50% 4.493 -921,568
Iran 1,757,851 3.10% 5.456 444,589
Netherlands 1,578,431 2.80% 6.669 103,460
India 1,561,681 2.80% 6.216 307,180
Columbia 1,338,373 2.40% 4.092 -24,771
Brazil 1,188,173 2.10% 4.714 269,875
Japan 1,156,335 2.10% 6.8 259,133
Peru 992,068 1.80% 4.411 294,472
Others (more than 80 countries and regions) 11,674,726 20.80% 5.602 -462,899
Total 56,176,651 100% 5.208 2,890,529

[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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