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Cotton import likely to drop in this fiscal
16
May '08
In the first four months of 2008, China witnessed an increase of 24.4 percent against last year, in its aggregate import and export value, which touched US $791.14 billion.

On the import front experts believe that starting from September 2007 to March 2008, the yarn production of China was registered at 11.85 million tons consuming about 6 million tons of cotton of which 4.67 million tons was domestic cotton while the remaining 1.323 million tons was imported. It is estimated that the import of cotton will go down to 2.60 million tons this year.

In 2006, American cotton accounted for 49.87 percent of the total cotton imports of China while Indian cotton was reported to take 20.94 percent share. However, in 2007, India surpassed the US to emerge as the biggest supplier of cotton to China and even in the first quarter of this year, India is maintaining its lead.

Experts believe that although export situation of Chinese textile and clothes industry was very good, it may not be the same for the next year as RMB appreciation may finally get successful in impacting the sector. Over 50 percent of the manufacturing enterprises are expected to close down soon making matters worse.

Fibre2fashion News Desk - China

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