China's spandex imports spike YOY in 2023

According to the Hs code 54024410, the import of spandex in Chinese mainland in 2023 was 47.9kt, a significant increase of 85.6% (or an increase of 22,111 tons) year on year. The average import price in 2023 was $5.362/kg, a decrease of $3.369/kg on the year. Import volume of spandex rose in 2023 but the price fell.

Import volume at multi-year high in each quarter

In 2023, the monthly import volume of spandex in Chinese mainland remained at a high level compared to previous years. From the performance of the first three quarters of 2023, the quarterly import volume of spandex increased each quarter. Although there was a slight decrease in the fourth quarter compared to the third quarter, it still remained at a high level in nearly five years. The quarterly import volume of spandex in Chinese mainland was at a high level in the first and second quarters, reaching 9,010 tons and 11,402 tons respectively. In the third quarter, the import volume of spandex in Chinese mainland showed a 131% growth on the year, reaching 15,100 tons, and remained at a historically high level for quarterly import volume in recent years, with an average monthly import volume exceeding 5,000 tons. The import volume of spandex in the fourth quarter in Chinese mainland remained at its highest level in nearly five years. Import of spandex shrank to around 12.5kt in Q4 on the quarter, up by around 80% on annual basis.

Analysis of main import origins of spandex in Chinese mainland

As for the major import origins of spandex in 2023, Vietnam, Singapore, South Korea, and Japan remained the main countries, with the four countries accounting for a high share of 97.5%. The import of spandex from Vietnam increased significantly, reaching 36,600 tons, an increase of 23,200 tons, with market share up to nearly 80%. The import quantity from Singapore increased by 3.1% compared to the previous year, and the import from Japan advanced by 12.3% to 2,637 tons. However, the import from South Korea decreased by about 20% to 3,072 tons. Although import from most origins fell, the significant increase in the import from Vietnam drove a nearly 90% year-on-year increase in spandex import in Chinese mainland in 2023.

Main destinations for imported spandex in Chinese mainland

Imported spandex was mainly to Zhejiang Province, Guangdong Province, Jiangsu Province, Shandong Province, Fujian Province, Shanghai, Tianjin, Sichuan Province, and other provinces and cities. Among them, in 2023, the import share of Zhejiang, Guangdong, and Jiangsu provinces accounted for 95.3%, an increase of 1.2 percentage points on annual basis. These three provinces are also the main consumer provinces of spandex domestically. Especially in Zhejiang Province, the imported volume of spandex reached 31,200 tons, with a year-on-year growth rate of 166%, and the share in Zhejiang province reached as high as 65%.