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Daily worldwide cotton market report

10 Apr '09

4 min read

US import data offer a very contrasted picture for the first quarter this year. While overall imports are falling in nearly all categories, imports from china are surging in categories where US. quotas have just been removed. China is however losing market shares in other categories with rest of world being less negatively affected by the economic recession for these specific products.

US apparel imports surged from china in the first quarter, where quotas have been lifted as of January 1st. While total imports are losing more than 10% in volume terms on all major markets, china's share is surging from relatively low levels. Where us limits had already been removed from 2005, china may however suffer a setback, according to us preliminary data.

Viscose prices stagnated in the last two weeks in china, reflecting stabilized raw material costs and a high level in inventories in the pipeline. After bottoming out in February-march, viscose prices are no more expected rising in the near term.

Clothing consumption was especially bad in the European Union in February, according to first available data. Rising unemployment is depressing retail sales in largest countries. Spending even fell nearly 15% in France from a year earlier. UK retailer next predicted a sharp drop in comparable retail sales in the first half while H&M unveiled its first quarterly losses in five years.

Ghulam Rabbani & Co.

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