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China's cotton purchase policy unsustainable: expert

China's cotton purchase policy unsustainable: expert Source:
Date: 10-09-2013
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China’s cotton purchase and storage policy is unsustainable as it generates instability in the sector, and it becomes difficult for investors to decide on how to invest in cotton, Terry Townsend, executive director of the International Cotton Advisory Committee (ICAC), has said.
Speaking at the first session of the 9th Congress of Brazilian Cotton (9th CBA), in Brasilia, Mr. Townsend said China‘s cotton purchase and storage policy has kept the international price of cotton at high levels, despite falling global consumption and production of cotton.
He said the future of Brazil’s cotton exports will depend on what China does with the high level of inventory accumulated by it over the last three years, according to a statement.
In addition, the decline in per capita consumption of cotton and competition from synthetic fibres like nylon and polyester would also affect cotton exports, he added.
However, Mr. Townsend pointed out that consumption of cotton is growing in the production of towels, and a growth has been recorded in the use of cotton in towels in the United States.
It is estimated that the Chinese Government has so far accumulated more than 10 million tons of cotton under its temporary cotton purchase and storage policy.
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