China's cotton imports slide on slackening textile exports
Source: Xinhua Date: 2008-08-05
As a major textile producer, China is the world's largest cotton importer, but its appetite for the fiber has been affected by weaker growth in textile exports, official statistics show.
China imported 211,000 tons of cotton in June, down 16.4 percent year-on-year and down 12.1 percent month-on-month, the General Administration of Customs reported on Thursday.
First-half imports fell 52 percent to 1.18 million tons.
Industry analysts attributed the declines to export weakness.
First-half textile and clothing exports rose 11.1 percent to 81.7 billion U.S. dollars, but the growth rate was 6.4 percentage points less than the same period of last year.
The textile industry has also been affected by the stronger Chinese currency, tight monetary policy that has made financing more expensive, higher labor costs and rising raw material prices.
