MUMBAI (Commoditiescontrol) - China imported 161,800 tons of cotton in June, down 26 percent from last year, according to industry body Reinhart. The Switzerland-based firm attributed the slump to high international prices and a lack of quotas for shipments curbed appetite for overseas purchases, according to China customs data.
Beijing has been trying to boost consumption of locally-grown cotton, for which it has only issued 894,000 tons of import quotas this year - the minimum required under WTO commitments. Most of those quotas, used by the government to protect its cotton farmers, had already been used up.
Overseas cotton is also relatively expensive, traders said.
hinese prices are under pressure from significant leftover commercial stocks as well as sales of state reserve cotton, which kicked off last week, adding supply to the market.
(By Commoditiescontrol Bureau; +91-22-40015534)
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