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China's Fuzhou imports record cotton in Jan-July'13
31
Aug '13
Fuzhou, in southeast China’s Fujian province, has reported cotton imports of 19,760 tons during January-July 2013 period, which shows a record 1,137 percent increase in cotton imports over the same period last year, the entry-exit inspection and quarantine bureau of Fuzhou city has announced.
 
In the first seven months of the ongoing year, Fuzhou imported cotton worth US$ 43.4 million, registering an increase of 793 percent year-on-year, which is a record high, China Daily reported.
 
Market analysts attributed the sharp increase in cotton imports to the difference in prices between foreign and domestic cotton, as well as to an increasing demand for the raw material.
 
The price of domestic cotton in China remained above 19,000 yuan during most part of the current year, which was about 4,000-5,000 yuan higher than the price of imported cotton.
 
Since cotton accounts for about 70 percent of the total cost of yarn manufacturing, producers cannot afford to buy domestic cotton by paying a premium of around 4,000 yuan a ton.
 
Seeing the sharp jump in imports, the inspection and quarantine bureau of Fuzhou shortened the inspection time by simplifying its procedures.
 

Fibre2fashion News Desk - India

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