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China to nearly double cotton import quota
09 Dec '09
1 min read
According to the American Cotton Shippers Association, China will increase cotton imports by one million tons, which will take the annual tariff quotas to nearly 1.9 million tons. This is being done in order to stabilize the rising trend in domestic prices.
According to news emanating from Beijing, China will announce an increase of 1 million tons of cotton import quotas with sliding-scale duties, which are expected to be allocated in December, earlier than in previous years.
Analysts say that China's increase of import quotas will be conducive to world cotton trade. The proposed exports would add 4.6 million bales to the exports of 8.5 million bales projected by the USDA last month for a total of 13.10 million bales.
If fully realized, these import quotas will allow China to import 35,000 bales per day, or 250,000 bales per week, which is a sizeable amount.
According to news emanating from Beijing, China will announce an increase of 1 million tons of cotton import quotas with sliding-scale duties, which are expected to be allocated in December, earlier than in previous years.
Analysts say that China's increase of import quotas will be conducive to world cotton trade. The proposed exports would add 4.6 million bales to the exports of 8.5 million bales projected by the USDA last month for a total of 13.10 million bales.
If fully realized, these import quotas will allow China to import 35,000 bales per day, or 250,000 bales per week, which is a sizeable amount.
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