Home  Contact Us
  Follow Us On:
 
Search:
Advertising Advertising Free Newsletter Free E-Newsletter
NEWS

China’s Cotton Imports May Drop 10% on Higher Prices
Published on: 2011-05-13
Share to
User Rating: / 0
PoorBest 



alt
 

China, the world’s largest cotton importer, may cut purchases by as much as 10 percent this year because of higher prices and borrowing costs, said Yuan Haiying, a Beijing-based consultant who advises companies.

Demand will decline as the government seeks to curb inflation and mills use more man-made textiles, according to Yuan, who has been tracking the agriculture industry in China for the past 20 years. The central bank has raised interest rates four times since October to curb inflation.

Cotton imports plunged 35 percent in April from a year earlier, data from the China National Cotton Exchange show. The country canceled orders for more than 100,000 bales last month, the U.S. Department of Agriculture said. A bale weighs 480 pounds, or 218 kilograms. Prices in New York have plunged 34 percent since touching a record high of $2.197 a pounds in March, mainly on higher demand from the Asian nation.

“Demand was bound to slowdown as that kind of growth was not sustainable,” Yuan said today during an interview in Washington while attending an industry conference. “We could see prices come down further.”

China’s imports totaled 2.84 million metric tons last year, according to customs data. That’s the most since 2006, when purchases were a record 3.47 million tons, Bloomberg data show. The Asian nation is the largest grower and user of the commodity.
 

Comments (0)Add Comment

Write comment

security code
Write the displayed characters


busy
    Subscription    |     Advertising    |     Contact Us    |
Address: Magnetic Plaza, Building A4, 6th Floor, Binshui Xi Dao.
Nankai District. 300381 TIANJIN. PR CHINA
Tel: +86 22 23917700
E-mail: webmaster@businesstianjin.com
Copyright 2024 BusinessTianjin.com. All rights reserved.