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China cotton monthly review – february, 2013

China cotton monthly review – february, 2013 Source: www.chinatexnet.com
Date: 06-03-2013
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According to Statistical Communiqué of the People's Republic of China on the 2012 National Economic and Social Development published by National Bureau of Statistics, cotton production acreage of 2012 nationwide was 70.5 million mu, 6.7% less Y/Y; cotton yield was 6.84 million ton, 3.8% up Y/Y.

Added value for textile enterprises above the designated size increased by
12.2%, the increase rate of this year was 3.9% higher than last year; investment in fixed assets of textile was 40.95 billion RMB, 1.1% up Y/Y, investment in textile, apparel, and accessories manufacturing was 26.11 billion RMB, 0.7% up Y/Y; the annual yarn production was 29.84 million ton, 9.8% up Y/Y, the increase rate was 3.1% higher than that of last year; cloth production was 84.1 billion meter, 3.3% up Y/Y, the increase rate declined by 1.1%. retail sales of textile and apparel enterprises above the designated size increased by 17.7%, the increase rate of which declined by 7.4%; textile export valued 95.8 billion USD, 1.2% up Y/Y, the increase rate of which decreased by 21.7%Y/Y; apparel export valued 159.1 billion USD, 3.9% up Y/Y, the increase rate of which decreased by 14.4%.
 
Entering the year 2013, seed cotton procurement generally ended, according to CCA survey, by the end of January, seed cotton sales nationwide had processed by 94.9%, 8.1% up Y/Y, among which that in Xinjiang had finished, 98.1% in Yangtze region which was 5.6% faster than last year, 81.8% in Yellow River region, 18.7% faster Y/Y.
 
As less seed cotton available and more ginners stopped business, the reserve purchase declined. In January, reserve purchase was 832,000 ton, 50.8% less over the month. By 31st, January, the cumulated reserve purchase of 2012/13 season was 6.009 million ton, and 6.75 million was mechanically tested nationally.
 
To meet textile demand, state reserve cotton was released by auction to textiles since 14th January, 2013, at base price of 19,000 Yuan per ton for standard cotton. The cumulated transaction volume was 369,000 ton in January, at moderately lower price than spot price.
 
Influenced by reserve release, Spring Festival and recent precipitations, the market outlook was gloomy, the spot transaction was sluggish. In January, CC Index 328 has monthly average price of 19,261 Yuan per ton, 1% up over the month, and 0.1% Y/Y. At the same time, seed cotton procurement price was also stable. Commercial cotton carryover stock was much lower than the corresponding time of last year. By the end of January, national commercial cotton carryover stock was 256,000 ton, 30.6% less over the month, and 79% down Y/Y.
 
At the same time, international cotton price rebounded, though still with large gap with domestic price, keeping import cotton volume at high position. The import cotton tariff-rated quota of 2013 have been dispatched, encouraging import under tariff-rated quota increased distinctively in January, as well as the full duty import due to large price gap. According to Customs, in January, China imported cotton of 458,000 ton, 14% less over the month, and 40.1% more than the corresponding time of last year.
 
Textiles situation was not improved clearly, the holiday brought by Spring Festival would be ended by the end of February. According to Customs, in January, textile and apparel export valued 24.69 billion USD, 2.5% up over the month, and 14.7% up Y/
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