Affected by the financial crisis, the cotton import in Zhejiang decreased by 30% this year
Since this year, the declining of the textile industry in our province has been reflected in the import of cotton, according to the Ningbo Customs, 20,000 tons of cotton were imported through Ningbo Port from January to October, amounting to 33.56 million U.S. dollars, representing decreases of 32.4% and 20% than the corresponding period in the last year (similarly hereinafter). The average price was 1,690 U.S. dollars per ton, representing an increase of 18.3%. The private and foreign invested enterprises are main forces in the import. The import volumes by them were 7300 and 7200 tons respectively, representing a decrease of 1.9% and 54.5% respectively, accounting for 72.5% of the total import volume.
These products are mainly imported from India and the U.S.. The import volumes decreased by 12.9% and 22% respectively. The import volume from the two countries accounts for 96% of the total. According to analyses, the main reasons for the declining import volume of cotton are: firstly, the domestic production capacity of cotton is enhanced; secondly, due to the impact of the global financial crisis triggered by subprime crisis in the U.S., the export of textile products in China decreased sharply, the textile enterprises are cutting productions, and the demand for imported cotton declined drastically. (Author: Shao Fangbing, Luo Huangfeng).
(The substation which released the first issuance: Hanzhou Special substation).
