China National Cotton Corp Helps Sell Australian Cotton
Chinese country
cotton
The company has the largest cotton in Australia.
machining
The Namoi Cotton Cooperative Limited has signed a sale and purchase agreement. Although the output and fiber prices of this year have reached a new high, Namoi cotton cooperatives Limited is still suffering losses.
Namoi said that the 50/50 joint venture will sell cotton from 2012 to 2017 in the global market. China, the world's largest cotton buyer, will have the power to directly enter one of the world's largest cotton exporters.
Australian company said that China national cotton group (CNCGC) and Namoi reached a joint venture agreement.
Analysts said Wednesday that the move will support Australian cotton processing.
enterprise
The balance sheet gives Namoi a better foundation to compete with commodity giants and dominate the world cotton trade.
Melbourne agricultural analysts say China's interest in Australian agriculture is heating up.
The agreement also includes sugar, dairy products and food, because the Chinese middle class population is increasing, and their appetite for western style food is increasing.
Namoi processing lint is about 31% of the output, slightly lower than 33% of last year, but sales fell from 24% in 2010 to 24% because Namoi competes with Off Shore Company in Australia.
According to Industry Group Australia cotton, Australian cotton growers are now planting 2011/12 crops with a record of 5 million bags, unless weather conditions are unfavourable.
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