Home / Knowledge / News / Textiles / Cotton piles up at Chinese customs as quota exhausts
Cotton piles up at Chinese customs as quota exhausts
31
Jul '12
Several warehouses that stock cotton are fully occupied at Chinese ports as more than 500,000 tons of imported cotton has not received clearance from Customs due to exhaustion of quotas.
 
A dozen cotton warehouses in Qingdao Free Trade Zone were fully occupied as on July 26. The storage cost, which normally prevails around 0.7-0.8 Yuan/ton, has gone up to 2 Yuan/ton.
 
The price gap between imported cotton and Xinjiang cotton had gone up to 5504 Yuan/ton this season. This attracted a large number of traders to hoard imported cotton in expectation of making profits by reselling their stock to domestic users.
 
However, the traders were kept off from making profits due to exhaustion of cotton import quotas and have been forced to stock imported cotton in warehouses.
 
On July 26, the cotton quota was being traded at around 4,000 Yuan/ton in the market, while the price gap between imported and Xinjiang cotton had narrowed down to 4618 Yuan/ton.
 
Industry insiders say it is very rare that imported cotton gets piled up at ports.
 
So far, the Chinese Government has issued cotton quotas for a total of 2.5 million tons of cotton. Since all the already issued quotas have got exhausted, over 500,000 tons of imported cotton could not get customs clearance, as they do not have quotas.
 

Fibre2fashion News Desk - China

Must ReadView All

Apparel/Garments | On 22nd Mar 2017

Amazon India introduces 'A-Z GST Guide' programme

Amazon India has introduced a programme called 'A-Z GST Guide' to...

Textiles | On 22nd Mar 2017

Dyeing textiles with bacteria

As an alternative to toxic synthetic dyes, scientists are exploring...

Courtesy: BCG

Apparel/Garments | On 22nd Mar 2017

Consumption in India to touch $4 trillion by 2025: Report

Consumption in India is likely to triple to $4 trillion by 2025 as...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search