Net data from China Customs shows, China reduced its spandex imports 20.7 per cent to 7,140 tons from January-April’22 while exports declined only 9.5 per cent to 29.6000 tons from January-April’22. China’s net exports declined 5.1 per cent on annual basis and continued to fall month by month. Imports too remained low during the period.
Exports decline by 9.5%
During the January-April’22 period, China’s spandex exports declined 9.5 per cent to 29.6000 tons. As per a CCF Group report, the average export unit price of spandex increased $1.867/kg on the year. Exports dropped gradually month-by-month as suppliers bagged lesser orders. Spandex was exported to five more nations taking total export destinations to 91 from January-April, 2022. The biggest exports to Turkey followed by South Korea and Vietnam. Together, these three nations accounted for 50.5 per cent of China’s total spandex exports. On the other hand, China’s spandex exports to Bangladesh, Egypt, India and Taiwan declined 20-50 per cent over the same period of January-April,2022 last year.
Imports sees greater decline
China’s spandex imports declined 1,883 tons during the period to 7,140 tons. The average import unit price increased $2.446/kg Y-o-Y to $10.872/kg. China’s monthly spandex imports hit a four-year low as imports declined by 27.5 per cent M-o-M to 2,302 tons in April with import unit price averaging at $9.793/kg.
Major spandex import destinations remained Vietnam, Singapore and South Korea accounting for 77.7 per cent of total. China’s spandex imports from Vietnam, Singapore, South Korea and Japan declined 23.6 per cent, 12.5 per cent, 8.1 per cent and 30.6 per cent Y-o-Y respectively during the January-April’22 period.
Companies shift focus to Southeast Asia as China market weakens
The weakening of China’s spandex market led to many MNCs concentrating on other countries during this period. Demand for spandex also rose in other Southeast Asian countries as textile and apparel production resumed. A few MNCs also reduced Spandex distribution in mainland China and focused on consuming the material locally. China’s spandex imports also suffered owning stricter disinfection of imported goods, delayed customs clearance and high sea freight rates.