Cotton Import Quotas Were Raised To 2 Million Tons In 2011.
Analysts said on Wednesday that market expectations were generally expected that China's cotton import quotas in 2011 would be raised to at least 2 million tons.
On December 15th, analysts said on Wednesday that the market generally expected China to cotton in 2011.
Imported
The quota will be raised by at least 2 million tons, or three times the official import quota.
Such a substantial increase in import quotas is the government's re-use of administrative measures to intervene in the market. In 2011, cotton import quotas are expected to rise from 894 thousand tons to 2 million 700 thousand tons. Recently, the shortage of supply caused by climate causes cotton prices to rise sharply.
China will pass tariff quotas and sliding based taxes every year.
Extra cotton
Tariff quotas control cotton imports.
The tariff is 1% within the quota of 894 thousand tons, and the 5%-40% import tax is imposed on the imported cotton, and the 5%-8% tariff is actually implemented.
Soaring
Cotton price
Increased inflationary pressure prompted the government to approve an extra 1 million 800 thousand tons of cotton imports in May.
Industry analysts say demand remains strong, and China expects to approve the same number of import quotas or more next year.
Beijing Orient Agribusiness Consultant Ltd. Ma Wenfeng said, "the quota for next year will not be higher than this year," he expects the total amount of cotton import quotas will reach 2 million 800 thousand tons in 2011.
China's Cotton Trade said last week that additional import quotas were expected to exceed 2 million tons.
On Wednesday, the China Cotton Association declined to comment on the matter, saying it was only a private sector estimate.
However, Yang Zhaoliang, Deputy Secretary General of the China Cotton Association, said the quotas for cotton imports will not be abolished.
The Ministry of Finance said Tuesday that since January 1, 2011, it has continued to implement a sliding tax on certain quantities of cotton imported from the tariff quota, and the tax rate remains unchanged.
The government said in September this year that official cotton import quotas will remain at 894 thousand tons next year.
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