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Insight | Time: Sep 26 2022 1:35PM  Editor:Tina Kong
China's spandex import &export continue decreasing in Jan-Aug
 
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According to the latest data from China customs, exports of spandex amounted to 52.1kt in Jan-Aug, 2022, a year-on-year decrease of 7.6% or 4257 tons. Imports of spandex declined by 31.9% or 7728.5 tons on the year to 16.5kt in in Jan-Aug. That meant the net exports were at 35.7kt, up 11.2% on annual basis. Imports of spandex touched bottom in Feb, gradually rose in Jan-May, declined sharply in Jun and remained low later. Exports of spandex kept falling month by month in Jan-May, moved up in Jun and reduced thereafter.

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Export dropped by near 10%   


According to the latest data from China customs, exports of spandex amounted to 52.1kt in Jan-Aug, 2022, a year-on-year decrease of 7.6% or 4257 tons. The average export unit price was at $8.476/kg in Jan-Aug, 2022, up by $0.351/kg on the year. Exports of spandex slipped by near 10% on the year in Jan-Aug, 2022. The production and export recovered in textile and apparel production bases including India and Vietnam in Q2 but slipped in Q3. Overseas buyers mainly purchased spandex on a need-to-basis. Spandex exports were at 4737 tons in Aug, down 14.8% m-o-m and 9.8% y-o-y respectively, and the average export unit price at $6.363/kg, down $0.915/kg.

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Spandex were exported to 98 nations or regions in Jan-Aug, 2022, up by 3 on annual basis. Turkey remained the biggest export destination, followed by South Korea and Pakistan. The proportion of the top three nations amounted to 38.7% of the total. Exports to Columbia, Taiwan of China and Bangladesh reduced apparently, with total volume down by above 1000 tons in Jan-Aug, and those to Brazil, Egypt and UAE apparently slipped.


Major export destinations of spandex in Jan-Aug, 2022
Destination Volume/kg Value/USD Proportion Average price/$/kg YOY change/kg YOY change/%
Turkey 13,686,679 113,260,008 26.30% 8.275 428,415 3.20%
South Korea 3,364,638 25,383,059 6.50% 7.544 90,524 2.80%
Pakistan 3,079,645 32,497,170 5.90% 10.552 620,348 25.20%
Vietnam 3,054,235 26,910,312 5.90% 8.811 14,690 0.50%
Egypt 2,700,705 23,842,637 5.20% 8.828 -589,307 -17.90%
Taiwan China 2,458,185 24,172,381 4.70% 9.833 -1,435,659 -36.90%
Brazil 2,347,793 16,246,166 4.50% 6.92 -779,415 -24.90%
Indonesia 1,897,171 16,025,387 3.60% 8.447 676,745 55.50%
Iran 1,626,843 12,912,688 3.10% 7.937 687,902 73.30%
India 1,624,398 12,774,905 3.10% 7.864 3,035 0.20%
Other 16,243,652 137,414,897 31.20% 8.46 -3,974,060 -19.70%
Total 52,083,944 441,439,610 100% 8.476 -4,256,782 -7.60%

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Import fell by above 30%


Imports of spandex declined by 31.9% or 7728 tons on the year to 16.5kt in in Jan-Aug. Import unit price averaged at $9.813/kg, up by $0.338/kg year on year. Imports of spandex remained low in Jan-Aug, 2022. As Hyosung Quzhou's plant suspended production in Apr and May amid the pandemic, imports of spandex from Vietnam increased, with imports of May hitting 4-year high. Players focused on consuming domestic spandex when domestic sales were soft in Jun-Aug, supply exceeded demand and the exchange rate of RMB against USD depreciated. They reduced imports. Imports of spandex were at 2326 tons in Aug 2022, up 28.8% on the month and down 50.2% on the year, with import unit price at $8.064/kg, down $0.616/kg on monthly basis.

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Vietnam, Singapore, South Korea and Japan were major import origins in Jan-Aug, 2022, with the total proportion of these four nations at 90.8%. Imports from Vietnam, Singapore, South Korea and Japan fell by 25.6%, 18.6%, 36.2% and 18.9% respectively.


Import origins of spandex in Jan-Aug, 2022
Origin Volume/kg Value/USD Proportion Average price/$/kg YOY change/kg YOY change/%
Vietnam 7,977,322 61,415,431 48.30% 7.699 -2,738,422 -25.60%
Singapore 2,856,991 35,022,507 17.30% 12.259 -651,225 -18.60%
South Korea 2,611,730 28,967,170 15.80% 11.091 -1,480,241 -36.20%
Japan 1,557,149 23,328,359 9.40% 14.981 -363,872 -18.90%
United Kingdom (GB) 593,135 5,187,479 3.60% 8.746 -299,671 -33.60%
Other 927,840 8,227,192 5.60% 28432257 -2,195,042 -70.30%
Total 16,524,167 162,148,138 100% 9.813 -7,728,473 -31.90%


[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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