2024 spandex import reduces but export rises YOY

Import

According to the customs data under Hs code 54024410, spandex imports reached 45.6kt in 2024 in Chinese mainland, down by 4.8% or 2310 tons on the year, and the average import unit price was at $5.413/kg, up $0.052/kg year on year. Orders for textiles and apparels grew in 2025 in emerging markets like Vietnam driven by the replenishment of textiles and apparels in US and Europe and the stimulus of rigid demand. However, with oversupply of spandex outside China, the imports of spandex from Chinese mainland still hit historic second high in Vietnam.

In 2024, the import volume of spandex was at the second highest level in the past five years, slightly lower than last year. The monthly import volume of spandex ranged between 2,521 and 4,757 tons, with an average monthly volume exceeding 3,800 tons. In the first and second quarters of 2024, the import volume reached the highest levels seen in the past five years, particularly in the first quarter, where it approached 13,000 tons, and in the second quarter, it was 12,200 tons. However, the import volumes in the third and fourth quarters decreased year-on-year, returning to the median level of the past five years, with imports falling to 12,000 tons and 8,400 tons respectively in the third and fourth quarters.

In terms of spandex import origins in 2024, Vietnam, Singapore, South Korea and Japan remained the main origins, collectively accounting for a significant 94.4% of imports. After a substantial increase in 2023, imports from Vietnam decreased by 14.3% in 2024, maintaining a high level of 31,400 tons, with a share close to 70%. Import from Singapore increased by 33.3% year-on-year to 5,871 tons; imports from South Kore rose by 1.3% to 3,111 tons and those from Japan grew by 3.4% to 2,726 tons. Imports from other markets also saw significant increases, with an overall rise of 121%. Additionally, imports from Vietnam have noticeably declined, particularly after August, with volumes reaching a new low by the end of the year. Imports from Mexico, Turkey, and Indonesia also slightly decreased.

From 2014 to 2024, Vietnam consistently held the top position for spandex imports in Chinese mainland. In 2024, Vietnam remained the largest import origin for spandex, with a year-on-year decrease of 5,252 tons to 31,400 tons, reflecting a 14.3% decline. Vietnam's share of spandex imports stayed at 68.8%, down 7.6 percentage points from the same period of last year.

Looking at the quarterly flow of spandex from Vietnam, there was a marginal downward trend in quarterly import volumes from the first to the fourth quarter. The share of spandex from Vietnam in Chinese mainland ranged from 63.6% to 73.2%, with the fourth quarter reaching a low for the year. The quarterly breakdown was as follows: Q1: Vietnam accounted for 73.2% of total spandex imports in Chinese mainland, totaling 9,496 tons. Q2: Vietnam made up 71.9% of the total, reaching 8,754 tons. Q3: The share dropped to 64.4%, with imports totaling 7,763 tons. Q4: imports from Vietnam fell to 63.6%, amounting to only 5,375 tons.

Export

According to the latest data from China customs, under Hs code 54024410, exports of spandex amounted to 78.8kt in 2024, up by 13.2% or 9209 tons year on year. The export unit price was at $4.500/kg in 2024, down by $0.522/kg on annual basis. In 2024, spandex export volume increased but the prices fell. The annual export unit price saw greatly narrowing year-on-year reduction.

In January-February, 2024, spandex exports were low in recent years. The transportation near the Red Sea and Mediterranean was greatly affected by the geopolitical issue. Exports of spandex to Turkey have been apparently squeezed from December 2023 to February 2024. From March, when the sea freight retreated from high level, overseas demand recovered and there was less disruption from holiday, spandex exports apparently rose to 7022 tons. Spandex exports inched down to 5644 tons in April, stabilized at 6485-6986 tons in May-September. The highest level appeared in August and September was the lowest in May-September. Spandex exports surged to multi-year high in October in Chinese mainland, spiking on the year and on the months respectively and the exports in November and December also hit the highest in recent five years.

In 2024, spandex were exported to 114 nations, up by 5 year on year. Turkey, Vietnam, Egypt and India kept the top four export markets, and these four nations accounted for 39% of the total exports.

Spandex exports to Turkey, Vietnam and South Korea apparently dropped by 10-30% year on year and those to other major markets moved up. The market share of Turkey, Vietnam and South Korea declined on the year in 2024, with decrement at 4.0, 2.7 and 2.4 percentage points respectively.

In the context of Trump winning the U.S. presidential election and potentially implementing his trade policies, the trade landscape is facing numerous uncertainties. From the export data of Chinese spandex to the U.S. from 2019 to 2024, the export share of Chinese spandex to the U.S. remained consistently low over the years, fluctuating roughly between 1.25% and 1.65%. However, in 2024, this share was at 1.98%.

In 2024, the cumulative exports of spandex from Chinese mainland to the United States was at 1558 tons, a significant increase of 79.2% year-on-year; especially from September to October, a year-on-year increase of 62% and 96% respectively. In November, spandex exports to the United States surged by 229% year-on-year to 204 tons; in December, spandex exported to the United States increased by 79% year-on-year to 154 tons.