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Insight | Time:Jan 31 2018 11:09AM
Brief analysis on VFY export of China in 2017
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China exported 61.7kt of VFY (H.S. code: 54033190) in 2017, up 4.3kt or 7.57% on yearly basis. In the first half of year, the export volume saw y-o-y growth, but unit price remained weak. In the second half of year, VFY plants were eager to raise offers on rising cost under the influence of exchange rate, so the export volume decreased somehow. In addition, fine-denier VFY demand was relatively stable in overseas market and its increasing proportion somehow influenced the change of export volume.

In 2017 VFY export concentration further improved as the proportion of top five exporters climbed up to 95% from 93%. The market share of first-grade VFY kept rising with capacity and output expansion, especially Jilin Chemical Fiber whose percentage was getting close to 1/3 from less than 1/4, with y-o-y increase of export volume by 45%. The proportion of second-grade VFY also improved, which was mainly contributed by rising share of Yibin Grace whose export volume increase by 29% year on year. Third-grade VFY was less competitive in terms of capacity and quality, so the market share kept reducing.

The distribution of major VFY consumer markets changed little in 2017. The export to major destinations grew on yearly basis, especially obvious increase to Turkey, but that to Indonesia decreased slightly. It could be seen that there was still better demand for VFY from overseas market.

Destination 2017 (kg) 2016 (kg) Y-O-Y change
Pakistan 24,990,450 23,599,795 5.89%
Turkey 7,395,695 6,025,560 22.74%
South Korea 7,081,318 6,436,995 10.01%
India 6,625,409 6,333,503 4.61%
Italy 5,089,736 5,080,462 0.18%
Indonesia 1,758,698 1,815,685 -3.14%
Bangladesh 1,168,711 1,121,969 4.17%
Japan 1,977,349 1,905,136 3.79%

Demand from overseas market could maintain steady-to-higher from the perspective of export volume. Demand from domestic downstream sectors could maintain largely stable, yet there may be changes. The application of medium to high-end VFY will becoming more mature, propelling the virtuous circle from upstream to downstream segments. However, low-grade VFY could be more easily replaced by substitutions in the applications. In terms of end products, silk-like and knitted fabric will be the main support to VFY market.
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