China's spandex exports have seen a decline in the first two months of 2023, according to data from China customs.
The total amount of spandex exported was 10.5kt, which is a decrease of 36.4% or 5993 tons compared to the same period last year. The export unit price was also down by $4.162/kg on an annual basis, standing at $5.182/kg in Jan-Feb. In Jan 2023, exports of spandex amounted to 4831 tons, an increase of 8.2% on a monthly basis but a decrease of 42.8% compared to the same month in the previous year.
The export unit price in Jan-Feb was $5.244/kg, up slightly by $0.006/kg on the month. In Feb, the total amount of spandex exports was 5645 tons, which was up by 16.9% compared to the previous month, but down 29.7% YoY. The export unit price was $5.128/kg in Feb, down by $0.116/kg on a monthly basis.
Despite spandex being exported to 85 nations or regions in Jan-Feb, which is an increase of 8 compared to the same period last year, the top four nations - Turkey, South Korea, Vietnam, and Egypt - still account for 47.3% of the total export. The exports to Pakistan, Taiwan of China, Mexico, Italy, and South Korea decreased, while exports to Uzbekistan, Malaysia, and the Netherlands increased by 100-200 tons.
The decline in spandex exports is due to the global economic slowdown and falling global trade, which has impacted the textile and apparel industry in emerging markets such as India and Vietnam. In early 2023, some large shoe factories in Vietnam downsized due to insufficient orders. The earthquake and falling demand from Europe and the US have also caused a decline in exports to Turkey by 66.3% or 4868 tons in Jan-Feb 2023, which is the second-lowest export rate in the last five years, only higher than Jan-Feb in 2020. The foreign exchange shortage in Pakistan has also affected spandex exports to the country.
Chinese exporters have turned their attention to neighboring Bangladesh due to payment problems in Pakistan, causing a rebound in exports to Bangladesh since Feb. Meanwhile, exports to India have also seen a medium-digit growth YoY.
