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'China needs to adjust its cotton buying & storage policy'
20
Jul '13
In recent years, cotton planting costs have risen sharply in China and the enthusiasm of farmers to grow cotton declined.
 
Industry analysts estimate China’s cotton acreage to fall by 6.7 percent this season, which might lead to decrease in cotton production.
 
Moreover, owing to the financial crisis, there is lack of demand and the global textile and apparel trade has decreased, sharply bringing down the international cotton prices. As a result, the Chinese textile industry is under great pressure.
 
Although, China’s textile and apparel exports have resumed growth in recent months, the lack of demand still persists due to RMB appreciation, rising labour costs, and constraints like financial difficulties for the SME sector.
 
If the Chinese cotton market remains in doldrums, the entire cotton industry will face serious challenges of sustainable development, according to experts.
 
The National Development and Reform Commission (NDRC) formulated the 2013 temporary purchase and storage of cotton plan to stabilize cotton production, to protect the interests of farmers, and to ensure market supply.
 
Industry analysts now suggest that China should adjust its cotton purchasing and storage policy, and give subsidies to farmers to protect their interests.
 

Fibre2fashion News Desk - India

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