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Cotton import price maintains upward trend in H1
04
Aug '08
According to the General Administration of Customs, in the first half of 2008, China imported 1.242 million tons of cotton, worth nearly US $2.05 billion, showcasing a year-on-year increase of 5.6 and 28.5 percent in terms of volume and value.

The average import price continued to rise when compared to same period of 2007. China mainly imported cotton from India and the United States.

The monthly average price of cotton import in 2008 maintained the upward trend in comparison to last year. June price promoted to almost $1,706 per ton, an increase of 25.9 percent.

Imports into warehouses of bonded zone for re-exports grew substantially and reached 421,000 tons, an increase of 35.3 percent, accounting for 33.9 percent of China's total cotton imports over the same period.

However, imports for general as well as processing trade declined in the first six months of this year. Cotton imports for general trade were 351,000 tons, a decline of 2.1 percent, accounting for 28.3 percent. Cotton imports for processing trade had come around 27.3 million tons, a drop of 7.9 percent, accounting for 22 per cent.

Private enterprises imported nearly 416,000 tons of cotton, a rise of 45.2 percent, accounting for 33.5 percent of total cotton imports of the country over the same period of previous year. Imports by state-owned companies boosted around 1.8 percent and reached 327,000 tons, accounting for 26.3 percent. However, import by foreign-invested enterprises was 247,000 tons, down by 2.3 percent, accounting for 19.9 percent when compared to 2007.

In the first half of 2008, China's cotton imports from India registered 540,000 tons, witnessing a hike of 49.6 percent. The country ordered approximately 407,000 tons of cotton from US market, observing a fall of 11.6 percent. Imports from these two nations accounted for 76.2 percent of the total cotton imports of China over the same period of 2007.

Import price from India was significantly lower than the average price from the US. In the first half of 2008, cotton imports from India averaged at almost $1,589 per ton, while imports from the US averaged at nearly $1,713 per ton.

Fibre2fashion News Desk - China

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