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China's spandex imports and exports diversified in Q1 2022

2022-05-11 08:54:09 CCFGroup

According to the latest data from China customs, exports of spandex amounted to 23.7kt in Q1 2022, a year-on-year increase of 1.9%. Imports of spandex declined by 28.6% on the year to 4,838 tons in Q1. That meant the net exports were at 18.9kt, up 14.5% on annual basis. Imports of spandex remained low in Q1, exports gradually declined month by month and net exports tended to reduce.

Spandex export rose slightly on annual basis

According to the latest data from China customs, exports of spandex amounted to 23.7kt in Q1 2022, a year-on-year increase of 1.9% or 440 tons. The average export unit price was at $9.192/kg in Q1 2022, up by $2.793/kg on the year. Spandex exports gradually dropped month by month in Jan-Mar. Overseas textiles and apparels market saw recovering production and demand but buyers purchased less spandex from China after spandex price rapidly decreased. In addition, the delivery of some orders taken before was finished. Therefore, export of spandex saw slower growth. Spandex exports totaled 7,280 tons in Mar, down 9.3% on the month and 9.9% on the year respectively, with export unit price at $8.847/kg, down by $0.207 over last month.

There were 87 export destinations for spandex in Jan-Mar, 2022, up by 4 compared with the same period of last year. Turkey remained the biggest export market, followed by South Korea, Egypt and Vietnam. The proportion of these four nations accounted for 56.5% of the total.

Major export destinations of spandex in Q1 2022
Destination	Volume/kg	Value/USD	Proportion	Average price/$/kg	YOY change/kg	YOY change/%
Turkey	9,518,852	85,002,442	40.10%	8.93	4,208,824	79.30%
South Korea	1,459,996	11,538,385	6.10%	7.903	143,313	10.90%
Egypt	1,237,020	12,627,734	5.20%	10.208	-296,602	-19.30%
Vietnam	1,205,627	11,727,471	5.10%	9.727	-131,853	-9.90%
Taiwan China	1,069,480	11,208,330	4.50%	10.48	-349,798	-24.60%
Pakistan	1,054,325	10,654,032	4.40%	10.105	96,920	10.10%
Indonesia	807,501	7,467,683	3.40%	9.248	221,863	37.90%
Iran	653,890	6,188,198	2.80%	9.464	418,006	177.20%
Bangladesh	624,107	6,323,082	2.60%	10.131	-431,339	-40.90%
India	547,699	4,259,526	2.30%	7.777	-194,042	-26.20%
Other	5,571,321	51,306,601	23.50%	9.209	-3,244,903	-36.80%
Total	23,749,818	218,303,484	100%	9.192	440,389	1.90%

Import shrank by near 30%

Imports of spandex declined by 28.6% or 1,949 tons on the year to 4,838 tons in Q1, and the average import unit price was at $11.386/kg in Q1, up $3.310/kg y-o-y. Imports of spandex amounted to 1,805 tons in Mar, down 36.1% y-o-y and up 28.7% m-o-m, with import unit price averaged at $11.496/kg, up $0.538/kg on the month.

Vietnam, Singapore and South Korea kept major import origins, accounting for above 75% of the total. Imports from Vietnam reduced by 52% on the year and those from South Korea and Japan dropped by 7% and 39% on annual basis respectively.

Import origins of spandex in Q1 2022
Origin	Volume/kg	Value/USD	Proportion	Average price/$/kg	YOY change/kg	YOY change/%
Vietnam	1,336,700	13,517,322	27.60%	10.112	-1,431,174	-51.70%
Singapore	1,331,793	16,144,382	27.50%	12.122	88,205	7.10%
South Korea	990,219	11,821,115	20.50%	11.938	-74,067	-7.00%
Japan	496,272	6,971,460	10.30%	14.048	-316,151	-38.90%
UK	309,850	2,586,785	6.40%	8.349	-18,216	-5.60%
Other	372,897	4,040,046	7.70%	10.834	-197,970	-33.60%
Total	4,837,731	55,081,110	100.00%	11.386	-1,949,373	-28.60%

Substantially falling imports from Vietnam was closely related with weaker supply and demand pattern in Chinese mainland. With soft downstream demand and the worry of falling price from high level, buyers focused on purchasing spandex from local China and reduced importing. In addition, with eased regulation of pandemic, the production and exports of textiles and apparels recovered in Southeast Asia including Vietnam. Factories concentrated on filling local demand and demand from nearby nations. With worse spread of pandemic in some regions of China, the disinfection on imported goods became stricter. It took longer time for customs clearance. In addition, high sea freight also impacted spandex imports.

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