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China issues more cotton import quota for textile mills
03
May '13
China has released additional 400,000 tons of cotton import quota to textile mills to help them procure more low-cost cotton from foreign countries.
 
The decision has been taken in view of the request made by the textile mills to the Government asking it to raise import quota, to enable them to purchase cotton from overseas market, which is around 40 percent cheaper than the domestic price.
 
The current approval of the additional 400,000 tons release of import quota by the National Development and Reform Commission takes the total import quota released this year to 2.8 million tons.
 
Industry analysts say the new quota would be used to clear cotton stored in bonded warehouses of China’s main ports. The cotton storage at these warehouses is estimated to be approximately 700,000-800,000 tons.
 
Currently, cotton supply situation in China is tight and hence, the Government is also considering increasing domestic market supply through release of cotton from its reserves next month.
 
The release of cotton from reserves is also necessary to make room for storing new cotton reserves.
 

Fibre2fashion News Desk - China

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