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Financial strain slows down sale of new cotton
24
May '08
According to official statistics, by the end of last month, the rate of the unginned cotton purchased by Chinese cotton processing enterprises reached 98.5 percent, up by 3 percent than the same period of last year. About 98 percent of the purchased unginned cotton was processed.

However, the new cotton sales slowed down, accounting for only 67.6 percent and representing a slide of 7.4 percent. The major reason is the financial strain faced by most domestic textile enterprises.

In April, the cotton price in Chinese market was 13909 yuan per ton on average, down 0.1 percent as compared to the month of March.

Imported cotton was priced at around 14091 yuan per ton on average. In April, China imported 263000 tons of cotton, up by 23.7 percent than the previous month.

During January to April 2008 period, China imported 790000 tons of cotton in total, recording a year-on-year growth of 9.6 percent.

In addition, in the first 4 months of this year, country exported textile and clothing products worth of US $51.7 billion, around 17 percent over than the same period of last year.

Fibre2fashion News Desk - China

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