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Imported cotton displays price advantage in March

20
Apr '10
In March, domestic price of cotton spot continued to rise, while international price of cotton spot pulled back again, after rising sharply in February. The spread between domestic and overseas cotton widened further, which led to price advantage of imported cotton re-appearing again.

China's total imports of cotton increased sharply in March, set a new high in the year, of which, imports under tariff quotas accounted for more than half of overall cotton imports. Imports from traditional source countries increased, of which, US cotton increased considerably, however, cotton imports from India still ranked the first.

According to customs statistics, China's cotton imports registered 324,000 tons in March, representing a substantial increase of 46.5 percent from February, and 2.3 times over the same time last year; import price continued to rise, the average price was US $1,741 / ton in March, up 1.2 percent from February, and 34.9 percent year on year.

In the first quarter of 2010, China's total cotton imports completed 846,000 tons, up 2.1 times year on year. In the first seven months of the 2009-10 cotton season, imports of cotton realized 1.397 million tons, up 88.8 percent year on year.

Going by countries of import, India remained the largest source country of China's cotton imports; imports from the US greatly increased; while, import proportion of Uzbek cotton remained stable.

China's total imports from India marked 130,000 tons, up 36.8 percent from the previous month, accounting for 40.2 percent of total imports. Imports from the US touched 114,000 tons, a growth of 94 percent, accounting for 35.2 percent and from Uzbekistan, it stood at 41,000 tons, an increase of 49.6 percent, accounting for 12.6 percent.

Among the top five countries from where cotton was imported, except for decline in US cotton prices, prices of all other countries increased.

The average import price of Indian cotton was US $1,668 per ton, up 1.4 percent from the previous month; US cotton $1,826 per ton, down 4.3 percent; that from Australia stood at $1,892 per ton, up 11.8 percent and price of Uzbek cotton was $1,713 per ton, up 4.9 percent from the previous month.

Fibre2fashion News Desk - China


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