Chinese cotton imports reached an all-time low in September, as large domestic inventories reduced reliance on foreign supplies, at a time when economic slowdown is weighing on demand. China imported just 50,900 tonnes of cotton in September, a decline of 59 per cent YoY. This is the lowest monthly import since records began in 2005, and the second month of record low imports in a row.
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Chinese cotton imports reached an all-time low in September, as large domestic inventories reduced reliance on foreign supplies, at a time when economic slowdown is weighing on demand. China imported just 50,900 tonnes of cotton in September, a decline of 59 per cent YoY.
Dark clouds that have gathered over cotton, the once-white-gold, are yet to disperse. Rising stock, falling price, China’s detrimental policies, agricultural crisis and boom in synthetics are sending shock waves across nations, more so in India.
The cotton sector in India has been making a steady progress.
The Mumbai-based Maharashtra State Co-Operative Cotton Growers Marketing Federation said it is ready to procure up to 100 lakh quintals of cotton as against the 27 lakh quintals it had purchased last season. About 370 lakh quintals of cotton yield is expected
India´s leading denim producer, Suryalakshmi Cotton has successfully commissioned its 4th state-of-the-art plant in Amravati, Maharashtra. Built at a cost of Rs 131 crore, the fully automated and ultra-modern unit will manufacture high-grade, value-added fancy yarns such as Ring Slub, Stretch, Elli Twist and Compact.
The Pakistan Finance Minister Ishaq Dar recently successfully struck agreements with textile and service sector tycoons and announced the imposition of 10 per cent regulatory duty on import of cotton yarn from India and grey and processed fabric as well as devising a formula of tax payment for service providers.