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China holds adequate stocks of cotton in 2012
22
Mar '12
Up to now, China has issued about 2 million tons of cotton import quotas which include 894,000 tons under 1 percent tariff rate and 1.1 million tons under sliding tariff.

In addition, around 500,000 tons of quotas remaining from the previous year arrived in China in January to February this year.
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According to US Department of Agriculture in February, China's balance of cotton inventory was approximately 2.735 million tons in the 2010-2011 cotton year.

Rough estimates place China's cotton supply at about 9.535 million tons in 2011-2012. Coupled with 4 million tons of the State Reserves, China holds 13.535 million tons of available supply in 2011/2012.

In recent years, cotton consumption of the Chinese textile industry has generally averaged about 10 million tons.

Taking into account the impact of 2012 European debt crisis on downstream orders, China's cotton consumption will be about 9 million tons, if cotton consumption is reduced by 10 percent in 2012.

The data released by Chinese Customs showed that China's textile and garment exports in February fell 7.01 percent year on year and 54.87 percent from the previous month.

China's total textile and apparel exports realized US $31.23 billion, down 2.59 percent year on year in the first two months of 2012.

Textile enterprises are short of capital and export prospects of finished products are bleak, which has restricted procurement requirement from enterprises.

In the case of weak recovery of global economy, low consumption of cotton products and enhanced alternative of non-cotton fiber, the oversupply situation of cotton resources is difficult to change next year.

Fibre2fashion News Desk - China

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