Nylon 6 and 66 textile filament exports rebound in Jul

The USD/RMB exchange rate has been rising continuously since the beginning of 2023, with a lowest point seen in Jan at 6.73, and has gone beyond 7.1 entering June. This injects some favorable condition for export of nylon textile filament.

Nylon 6 and 66 textile filament exports have both grown in line with USD/RMB exchange rate in Jul, though usually Jul is not a month for export growth in the past years.

Note: Nylon 6 textile filament includes volumes under HS code: 54023111, 54023211, 54024510, 54025110

          Nylon 6,6 textile filament includes volumes under HS code: 54023112, 54023212, 54024520, 54025120

Nylon 6 textile filament export has been lingering a negative zone during Apr-Jun 2023, with only narrow increase in Jan and Mar. This has indicated a quite bad situation for the first half of 2023. Though export in Jul has recovered a increasing trend, with year-on-year growth rate of 7.5%, the cumulative year-on-year change for the first 7 months in 2023 was negative at -4.1%.

Nylon 66 textile filament export has performed better than nylon 6 ones, as the export in Feb, Apr and May maintained positive, and it achieved 68.1% year-on-year growth in Jul. The cumulative year-on-year increase for Jan-Jul was 4.8%.

Taking nylon 6 elastic filament (DTY, HS code 54023111), single yarn (POY, FDY, HOY, HS code 54024510) as examples, we could see below changes in the export flows to major destinations.

Major destinations of N6 POY, FDY, HOY mostly dropped, exports to South America grew

Among the top 10 nylon 6 POY, FDY and HOY export destinations, export volumes to 7 destinations dropped in Jan-Jul 2023, which was in line with a general declining trend of the cumulative export in the first 7 months. Exports to South American countries including Mexico, Columbia and Argentina achieved evident year-on-year growth. 

Major destinations of N6 DTY kept growing, exports to SE Asia dropped

Among the top 10 nylon 6 DTY export destinations, all have achieved a year-on-year growth in the Jan-Jul 2023, except for Pakistan, who is influenced by local currency depreciation. And Brazil and Turkey remained the top 2 major export destinations of Chinese nylon 6 DTY, and the volume to Turkey has hiked in the first 7 months in 2023. In addition, we also see evident growth in the volumes flowing into Mexico, Vietnam, Poland, Portugal, while exports to major Southeast Asian countries including Indonesia, Sri Lanka and Thailand have dropped moderately year-on-year.