CHINA: China to issue 2011 cotton import quotas more active.
China is likely to be more active in issuing cotton import quotas for the new year as the country is facing tightening supply in 2011, said industry participants on Wednesday. The country would soon issue an additional 1.7 million tonnes of cotton import quotas in addition to the 894,000 tonnes of low-tariff quotas…
Egytex News Desk
Source: Reuters
The country usually issues the additional import quotas, which are subject to a sliding tax scale of between 5 and 40 percent, in several batches from year-end, but the volume in the first batch for 2011 was higher than those issued during the same period in previous years. “The higher volume will help to ease pressure from local demand, which is boosted by an expanding shortage in 2010/11,” said Guo Rongmin, China business manager with Cotlook Ltd, publisher of Cotton Outlook. “We have been waiting for the quotas for some time, as we have finished purchases from the United States,” said a vice-president at a top state-owned textile company.
The government would be more active in issuing cotton import quotas next year to allow companies to import when necessary, as many had missed good buying opportunities this year because of slow quota issuance, he added.
Source: Reuters
From the Egytex news archive, first published on 30 December 2010. Figures and names are as reported at the time.
