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Disquiet in China on probability of Greece exiting Euro
31
May '12
The expectations of Greece exiting the Euro zone are increasingly becoming strong, is creating a disquiet and likely to cause a chain reaction in the Chinese textile and apparel sector.

In recent days, Chinese port prices of cotton imported from US, India and countries of Central Asia are witnessing a declining trend.

Cotton prices from the above regions have fallen by 3 cents / pound on average, while from other countries by 1.5-2.5 cents / pound.

As an exporting country, China's exports of cotton-based textiles will be highly influenced and are likely to shrink further.

It is reported that cotton stock at Zhengzhou Exchange is still as high as 140,000 tons, as the spread between domestic cotton and foreign cotton expands.

Chinese textile enterprises inevitably prefer to use imported cotton, so there is little hope for domestic cotton prices to rebound in the short-term.

Fibre2fashion News Desk - China

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