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China's cotton demand likely to bounce back this year
02 Jun '12
2 min read
The demand for cotton in China is likely to rebound this year, as in spite of sluggish economic growth, the country's cotton consumption for the current year remains positive, the Cotton Council International (CCI), the export promotion wing of the US National Cotton Council said.
Karin Malmstrom, China Director of CCI said they are hopeful about China's retail market, as the growing middle class in the country is ready to spend more for buying products made of natural fibres like cotton.
Hong Kong-listed Weiqiao Textile Co, the leading cotton textile producer of China, noted on its website that following a recovery in the textile industry, China's cotton consumption for the current year is likely to rise to 9.58 million metric tons, against 2011's estimated consumption of 9 million tons.
Though domestic demand for cotton is on a rise, its production is not increasing in China owing to factors like reducing cotton cultivation acreage, rising cost of labour and low level of mechanization, said Director of China Cotton Association (CCA), Zhou Shengtao.
According to a recent study undertaken by CCA, the area under cotton cultivation in China is likely to come down by around 17 percent this year as cotton growers in the country are giving up cultivating cotton due to rising costs of labour, seeds and fertilizers.
The US Department of Agriculture (USDA) March estimates state that with a 54 percent hike, China's cotton imports for the current year may jump to six year's highest level and touch 18.5 million bales of 480-pound each, equalling 4 million tons.
Mr. Zhou emphasized that as there is extensive demand for cotton in China, the domestic cotton industry should increasingly concentrate on the home market, while focusing on raising its global competitiveness.
Karin Malmstrom, China Director of CCI said they are hopeful about China's retail market, as the growing middle class in the country is ready to spend more for buying products made of natural fibres like cotton.
Hong Kong-listed Weiqiao Textile Co, the leading cotton textile producer of China, noted on its website that following a recovery in the textile industry, China's cotton consumption for the current year is likely to rise to 9.58 million metric tons, against 2011's estimated consumption of 9 million tons.
Though domestic demand for cotton is on a rise, its production is not increasing in China owing to factors like reducing cotton cultivation acreage, rising cost of labour and low level of mechanization, said Director of China Cotton Association (CCA), Zhou Shengtao.
According to a recent study undertaken by CCA, the area under cotton cultivation in China is likely to come down by around 17 percent this year as cotton growers in the country are giving up cultivating cotton due to rising costs of labour, seeds and fertilizers.
The US Department of Agriculture (USDA) March estimates state that with a 54 percent hike, China's cotton imports for the current year may jump to six year's highest level and touch 18.5 million bales of 480-pound each, equalling 4 million tons.
Mr. Zhou emphasized that as there is extensive demand for cotton in China, the domestic cotton industry should increasingly concentrate on the home market, while focusing on raising its global competitiveness.
Fibre2fashion News Desk - India
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