The Increasing Demand on Textile Export Leads to Rising of Cotton Price in China
Source: Chinadaily Date: 2006-12-30
This week, the price of common cotton in main cotton-planting area keeps RMB12832Yuan, higher 100 than beginning of month.
The data from China custom directed that in November, China textile export reached 12.7billion USD, up 29% than last month, 30.7% than last year. During January to November, total export value reaches 130.65billion USD, up 24
66%.
However, due to cotton harvest, current cotton price is lower than the same period of last year.
It is forecasted by China Cotton Association that China cotton output will reach 6.7million tons, up 17.5%.
The experts analyzed that cotton price can witness continual rising in future months due to the big demand.
Next year, textile export will continue to increase at the declined rate.
An analyzer claimed that textile export value will be increased by 15%, exceeding 160billion USD next year. A good news is also learned that China government will be planning to purchase 300000tons cotton until the end of 2006 for storage.
According to the promise to WTO, China will release the quota for importing 894000tons cotton with 1% allowance of tariff.
China cotton import in Nov. totaled 154547tons, decreased by 31.2% than last year. Cotton price in this two month is expected to reach 13500Yuan/ton.
