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China cotton import monthly report – august, 2012

China cotton import monthly report – august, 2012 Source:
Date: 28-09-2012
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During 2011/12 cotton season, global cotton price treaded downward most of the time. Supported by temporary reserve policy, decline of domestic cotton price was less than international decrease, therefore, enlarging the price gaps between them largely. Import cotton was very welcomed, and by the end of this season the annual import volume was 5.44 million ton, 1.1 times more than last season, making a new record. In trade mode aspect, the general still dominated while shrank slightly compared with last season, goods in areas under special customs supervision and goods of bonded warehouse increased evidently than last year. In aspect of import sources, India surpassed US to be the first origin, and the first two origins took share of 60% approximately, less than previous season, while share of Australia and Brazil increased. The average import price was 2,430 USD per ton, 14.1% less than last season, and the quota was mainly sliding duties.

In August, price difference between domestic and international kept narrowing, and import volume declined for the fifth consecutive month, and average import price decreased slightly over last month. According to Customs, in August China imported cotton of 306,000 ton, 24.6% less than last month, while 47.6% more than last August, the monthly average import price was 2,350 USD per ton, 1.7% less over the month, while 22.3% less than last August.

The import trade mode of 2011/12 season was still dominated by general trade, which was more than half, followed by nearly 30% of goods in areas under special customs supervision and goods of bonded warehouse. Feeding processing trade took share of 15.5%, and trade of processing by accepting customers?? materials was less than 2,000 ton. In August, all trade modes witnessed decline except processing by accepting customers?? materials. To be specific, general trade was 57%, feeding processing trade was 17.5%, goods in areas under special customs supervision and goods of bonded warehouse were 12.8% and 12.7% separately.

Of 2011/12 season the top five cotton sourcing countries accounted for more than 80% of the total import volumes, among which India was more than 30%, surpassing US to be the first origin; and US share reduced from more than 40% to less than a quarter. Australia and Brazil increased to be the third and fourth; Uzbekistan declined to the fifth place. In August, Uzbekistan cotton increased while all others declined. Australia kept to be the first source, took share of 40%, and US was 26.6%, India declined to 8.3%.

Among the August average import price of different trade modes, goods of bonded warehouses increased over the month, while others declined, general trade by 1.8%, feeding processing trade by 6.4% and goods in areas under special customs supervision by 1.1%.

Average import price of five major sources all declined over the month, except India saw increase. US import cotton average price was down by 3.3%, Australia by 6%, Brazil by 2.6%, and Uzbekistan by 5.5%, while India increased by 11.3%.
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