Market Observation: Data In September Showed That China'S Cotton Import Volume Plunged Again
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According to the data released on the customs statistics online query platform, China's cotton import volume in September 2024 was 117300 tons, a year-on-year decrease of 21.84% and 50.28%, respectively. After the cotton import volume in August fell significantly year on year and month on month (25% month on month, 14.3% year on year), China's cotton import volume plunged again.
The industry's reasons for the year-on-year decline of cotton import volume in September by more than 50% are mostly summarized as follows: the rebound of ICE cotton futures in the middle and late September led to the significant narrowing of the price range of cotton both inside and outside the country under 1% tariff (or sliding standard tariff) In 2024, only 200000 tons of sliding tariff cotton import quota was issued (not only 100% of non state-owned, limited processing trade import, but also the distribution was inclined to large and medium-sized export enterprises, many domestic enterprises did not obtain import quota), as well as the relatively small number of bonded/spot high-quality cotton in the main port, wide fluctuations in the RMB exchange rate and other factors.
According to statistics, in September, China imported 61700 tons of Australian cotton, American cotton and Brazilian cotton (up 13.28% month on month, up 27.70% year on year), 25000 tons (down 44.24% month on month, down 76.70% year on year) and 16100 tons (down 56.21% month on month, down 68.39% year on year), respectively accounting for 52.60%, 21.31% and 13.73% of cotton imports in that month, The proportion of Australian cotton increased by 16.33 percentage points compared with August, while the proportion of American cotton and Brazilian cotton continued to decline significantly.
It is worth noting that the fourth and fifth cotton imports in September were 2000 tons in Tajikistan and 19700 tons in Benin, with year-on-year growth rates of 3745% and 295.63% respectively. Some cotton trade enterprises said that with the issuance of the 200000 ton sliding tariff cotton import quota in the middle of September, the textile enterprises in Xinjiang were gradually active in inquiring about/purchasing Central Asian cotton from Tajikistan, Kazakhstan and other countries. The good cost performance ratio of cotton, efficient and convenient transportation, and high reputation of processing enterprises and exporters made Chinese enterprises' attention to Central Asian cotton continue to rise.
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