Decline in Spain's Knitted Fabric Exports Drops Significantly to $28M in August 2023

Spain Knitted Fabric Exports

In August 2023, after two months of growth, there was significant decline in overseas shipments of knitted or crocheted fabrics, when their volume decreased by -35.2% to 2.8K tons. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in September 2022 with an increase of 55% m-o-m.

In value terms, knitted fabric exports fell markedly to $28M (IndexBox estimates) in August 2023. Over the period under review, total exports indicated a mild increase from August 2022 to August 2023: its value increased at an average monthly rate of +1.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, exports decreased by -35.3% against July 2023 indices. The growth pace was the most rapid in September 2022 with an increase of 53% m-o-m.

Exports by Country

Morocco (1.6K tons) was the main destination for knitted fabric exports from Spain, accounting for a 57% share of total exports. Moreover, knitted fabric exports to Morocco exceeded the volume sent to the second major destination, Germany (252 tons), sixfold. The third position in this ranking was taken by France (153 tons), with a 5.5% share.

From August 2022 to August 2023, the average monthly rate of growth in terms of volume to Morocco was relatively modest. Exports to the other major destinations recorded the following average monthly rates of exports growth: Germany (+7.0% per month) and France (+1.9% per month).

In value terms, Morocco ($16M) remains the key foreign market for knitted fabric exports from Spain, comprising 59% of total exports. The second position in the ranking was held by Germany ($2.1M), with a 7.6% share of total exports. It was followed by France, with a 5.5% share.

From August 2022 to August 2023, the average monthly growth rate of value to Morocco amounted to +1.0%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Germany (+8.3% per month) and France (+2.2% per month).

Exports by Type

Fabrics, knitted or crocheted, of a width of > 30 cm (1.7K tons) was the largest type of knitted fabric exported from Spain, accounting for a 61% share of total exports. Moreover, fabrics, knitted or crocheted, of a width of > 30 cm exceeded the volume of the second product type, warp knit fabrics, incl. those made on galloon knitting machines, of a width of > 30 cm (567 tons), threefold. Knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (264 tons) ranked third in terms of total exports with a 9.5% share.

From August 2022 to August 2023, the average monthly growth rate of the volume of export of fabrics, knitted or crocheted, of a width of > 30 cm was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: warp knit fabrics, incl. those made on galloon knitting machines, of a width of > 30 cm (+0.8% per month) and knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (+5.4% per month).

In value terms, fabrics, knitted or crocheted, of a width of > 30 cm ($16M) remains the largest type of knitted fabric exported from Spain, comprising 58% of total exports. The second position in the ranking was taken by warp knit fabrics, incl. those made on galloon knitting machines, of a width of > 30 cm ($5.1M), with an 18% share of total exports. It was followed by knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread, with a 15% share.

From August 2022 to August 2023, the average monthly rate of growth in terms of the export volume of fabrics, knitted or crocheted, of a width of > 30 cm was relatively modest. With regard to the other exported products, the following average monthly rates of growth were recorded: warp knit fabrics, incl. those made on galloon knitting machines, of a width of > 30 cm (+2.2% per month) and knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (+6.1% per month).

Export Prices by Country

In August 2023, the knitted fabric price stood at $9,976 per ton (FOB, Spain), approximately equating the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in April 2023 when the average export price increased by 7.9% month-to-month. As a result, the export price reached the peak level of $11,020 per ton. From May 2023 to August 2023, the the average export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Italy ($10,522 per ton), while the average price for exports to the United States ($4,732 per ton) was amongst the lowest.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform