Cotton Imports Shrank By 1/4 In October

China's national development and Reform Commission announced on Thursday that in October, domestic cotton purchase and sale prices continued to fall, and international cotton prices plummeted, and cotton imports fell sharply.

The growth rate of China's textile exports continued to slow down.

In October, cotton imports in China decreased by more than 1/4 from last month, compared with the same period last year, and the drop was even greater, almost 30%.

In the first ten months of this year, China imported one million eight hundred and sixty-six thousand tons of cotton.

This is nearly one hundred and seventy thousand tons less than the same period last year.

In the same period, the output of Chinese yarn and the growth rate of textile and garment exports also showed a slowdown.

Among them, the increase in yarn production was nine percentage points lower than that in the same period last year, and the increase in textile and clothing exports decreased by eleven point five percentage points.

In October, domestic cotton yarn and polyester staple fiber prices continued to fall, and cotton purchase and sale prices were not "spared".

The national development and Reform Commission (NDRC) said that the average purchase price of three grade seed cotton in the mainland in October dropped by six point one percent compared with last month, and the decrease in Xinjiang reached five point five percentage points.

The average price of the standard grade lint from the mainland to the textile mill and the average contract price of cotton futures are down by more than six hundred and eighty yuan per tonne compared with last month.

It is learnt that in October, the signs of economic recession in major developed countries were obvious, and the US dollar continued to strengthen, and the futures prices of major international commodities declined sharply.

In that month, the average price of New York cotton futures contract in December fell by more than 20%, and the Asian main ports' CIF dropped by more than 12%.

The Chinese government began to acquire and store cotton to stabilize the domestic market.