Spandex imports analysis in Q1-Q3, 2020 –
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Spandex imports analysis in Q1-Q3, 2020

2020-11-24 09:27:25 CCFGroup

According to the customs data, imports of spandex (Hs code: 54024410) amounted to 20kt in Jan-Sep, 2020, down by 3.7% or 770mt on the year, and the average export unit price was at $6.029/kg, down by $1.198/kg year on year. Spandex imports amounted to 3,947mt in Sep, up 36.5% m-o-m and 46.4% y-o-y respectively, and the import unit price averaged at $6.072/kg, up $0.615/kg.

Imports of spandex changed greatly in the first three quarters of 2020. Imports of spandex reduced by around 5.4% y-o-y in Q1 amid the outbreak of pandemic. In Q2, the COVID-19 swept worldwide rapidly. Many domestic orders for textiles and apparels were canceled in China, presenting weakening demand for high-end spandex. Meanwhile, more overseas units suspended or cut production with falling demand from regions such as India and Vietnam and they enlarged distribution to China. However, imports of spandex reduced by more than 30% in Q2. In Q3, spandex imports surged apparently, up by 27.1% on the year, and the monthly volume in Sep hit historic new high. The recovery in Q3 mitigated partial losses in Q1-Q2, and the reduction of total spandex imports narrowed to 3.7% in Q1-Q3.

1. Spandex imports by origin
Imports of spandex from Vietnam, India and US rose by 3612mt, 122mt and 155mt respectively in Q1-Q3. Imports from Hyosung Vietnam were as high as 10.6kt, up 51.4% on the year, while those from most origins such as Brazil, Thailand, Japan, Singapore and South Korea declined by around 21.8%-87.3% y-o-y.

Vietnam ranked top among major spandex import origins in the first three quarters of 2014-2020. Imports of spandex from Vietnam rose by above 50% y-o-y in Q1-Q3 to 10.6kt, occupying around 50% of the total import. Some units of Hyosung curtailed or halted production in Q2-Q3 in China. The pandemic is relatively better controlled in China and demand for spandex from textile sectors (ear band of mask and protective clothing) grew. Under such circumstance, Hyosung Vietnam increased distributing spandex to China.

Singapore was the second largest import market. Imports of spandex from Singapore reduced by 24.7% y-o-y to 3262mt, with proportion at 16.3%. Imports from South Korea slipped by 21.8% to 2279mt, with market share at 11.4%. The proportion of Vietnam, Singapore and South Korea totaled as high as 80.8% in Q1-Q3.

2. Import price of spandex by origins

Average import unit price was apparently divided in Q1-Q3, 2020 but largely declined compared with the same period of last year.

3. Spandex imports by destinations

Zhejiang, Guangdong, Jiangsu, Shanghai, Shandong and Tianjin were major import destinations for spandex, and the market share of these regions was at 98% in Jan-Sep, 2020, up by 3.1% on the year. Guangdong, Zhejiang and Jiangsu were major consumption areas for spandex. Proportion of Guangdong, Shanghai and Shandong declined on the year in Q1-Q3.