Data From The General Administration Of Customs: China'S Cotton Imports May Reach 3.3 Million Tons In The Past Two Years

According to the data of the General Administration of Customs, in the first 11 months of 2023/24, China has imported about 3.087 million tons of cotton, an increase of 150% year on year (including about 2 million tons of cotton imported from January to July 2024, an increase of 190% year on year). The import volume of Brazilian cotton, American cotton and Australian cotton was 1.281 million tons, 1.064 million tons and 294000 tons respectively, ranking the top three. As of July, the cumulative import volume of Indian cotton in this year was 86000 tons. Although the year-on-year growth was 320% (the growth rate was only slightly lower than that of Australian cotton), the import base in 2022/23 was too low, and the gap between the import volume of Brazilian cotton and American cotton and its competitors continued to expand.

In the past two years, the cotton import volume in August showed a year-on-year growth trend (175500 tons of cotton import volume in August 2023, a year-on-year growth of 62.28%; 107400 tons of cotton import volume in August 2022, a year-on-year growth of 24.52%) Cotton textile enterprises predict that China's cotton import volume in August will be no less than 200000 tons (ICE's main force rebounded to near the 70 cents/pound pass this week, and cotton related enterprises holding quotas will continue to slow down their demand for bonded cotton at ports and immediate inquiry for goods). Therefore, China's total cotton import volume in 2023/24 will be close to 3.3 million tons, and there is a possibility of breakthrough.

A cotton enterprise in Jiangsu said that according to the forecast, the cumulative import of cotton in 2023/24 was nearly 3.3 million tons, and the cumulative import of cotton yarn was 1.66 million tons (1.55 million tons of cotton yarn were imported in the first 11 months of 2023/24, a year-on-year increase of 36.6%), which is equivalent to the annual total import of cotton exceeding 5.05 million tons, while the total consumption demand of China's cotton in 2023/24 was only about 8 million tons, Imports account for more than 63% of consumption, leaving little room for Xinjiang cotton and local cotton to play. At the same time, it shows that the performance of export orders (including traceability) in 2023/24 is fair, and the weakness of the domestic demand market is the key to the downturn of the cotton textile and clothing industry.