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Chinese cotton import quota to decline in 2011
31 Dec '10
1 min read
China, the biggest consumer of cotton in the world is going to lower its cotton import quota for the next year to 2.6 million metric tons.
The country will import around 1.71 million metric tons of cotton under sliding tariffs whereas 894,000 metric tons of cotton will be imported under a duty of one percent.
China had imposed a cotton import quota of 3.59 million tons in 2010.
In the initial eleven months of 2010, China imported 2.38 million tons of cotton, registering an increase of 81.4 percent as against the import during the corresponding period of the previous year. This was largely because of the deficit in the local market which was caused by a fall in the domestic cotton production.
As per the estimation of the China Cotton Association, the cotton production of China in 2010 is likely to fall by 2.1 percent to 6.65 million metric tons, from a year ago.
The country will import around 1.71 million metric tons of cotton under sliding tariffs whereas 894,000 metric tons of cotton will be imported under a duty of one percent.
China had imposed a cotton import quota of 3.59 million tons in 2010.
In the initial eleven months of 2010, China imported 2.38 million tons of cotton, registering an increase of 81.4 percent as against the import during the corresponding period of the previous year. This was largely because of the deficit in the local market which was caused by a fall in the domestic cotton production.
As per the estimation of the China Cotton Association, the cotton production of China in 2010 is likely to fall by 2.1 percent to 6.65 million metric tons, from a year ago.
Fibre2fashion News Desk - India
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