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Chinese share of cotton yarn imports is higher than cotton
26
May '09
Imports in the first four months of this year registered 6,408 tons, down 72 percent from the same time last year; import value scored US $8,426,000, down 76.9 percent year-on-year and the average price was $1,315 per ton, down 17.5 percent year-on-year.

It is reported that cotton imports of Guangdong Province has rapidly declined, mainly due to sluggish demand from international markets. Since the end of last year, domestic cotton price has been higher than international cotton price.

By the end of April, China's cotton price averaged at 12,713 Yuan per ton, higher than 11,692 Yuan at the end of March, an increase of 1021 Yuan. Based on conversion of exchange rate 1:6.823, the average import price of Guangdong Province was only 8,482 Yuan per ton in April, much lower than the price level over the same period in domestic market.

At the same time, China's cotton yarn prices were also significantly higher than prices in international market; for example, pure cotton yarn 20s was about 2,000 Yuan higher per ton than similar products quoted in Pakistan.

The increase in cotton price spread between domestic and international markets has encouraged domestic textile enterprises to increase imports from abroad.

In the first four months this year, Guangdong Province imported 190,000 tons of cotton yarn, down 11 percent year-on-year; however, the drop was far less than that in cotton imports over the same period.

Fibre2fashion News Desk - India

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