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Chinese textile mills' demand for fiber may slow down
by：Sunshine
2021-04-11
The latest USDA forecast shows that global cotton production will be reduced by 2.8 million bales, consumption will be reduced by 116,000 bales, and ending stocks will fall by 2.9 million bales to 80.8 million bales, which is basically the same as the previous three years (80.3-80.9 million bales).
In terms of output, the output of most major producing countries such as the United States, Pakistan, China, India, Turkey, Turkmenistan, and Greece have all been reduced significantly.
In terms of consumption, India increased 250,000 bales, Indonesia increased 100,000 bales, Turkey increased 200,000 bales, and Uzbekistan increased 100,000 bales. Global exports increased by 1.1 million bales, Brazil decreased by 300,000 bales, and Benin, Greece, and India’s exports were all increased by 100,000 bales. Imports from Turkey, Pakistan, and India increased, while imports from Indonesia decreased.
The Sino-US trade dispute is still the biggest uncertainty in the market. Although the two sides are now working towards the initial agreement, the details are still unknown. After the cancellation of the APEC summit in Chile, the date of the agreement signing is even more difficult to discuss. It is expected that at least Have to wait until December. According to official statistics, China has signed a contract with 320,000 tons of US cotton. China hopes that the two countries will abolish all the additional tariffs, but the US's idea is to gradually eliminate tariffs. Any reduction in tariffs will be a clear reversal.
In September, the United States imposed a 15% tariff on Chinese clothing, covering product categories where China's share of US clothing imports is less than 75%. That month, the United States' imports of clothing from China fell by 13% year-on-year in square meters, but China's share was still high (45%). In the past three months, the sum of China's clothing imports was slightly higher than the same period last year (July to September) by 1%. From July to September, China's share remained stable (47%) compared with the same period last year. It remains to be seen whether the decline in clothing imports from China in September means that US retailers are staying away from China. Affected by the additional tariffs imposed by the United States, the demand for fiber from Chinese textile mills may slow down.
The International Monetary Fund (IMF) estimates that the Sino-US trade dispute will cause the global GDP growth rate to drop by 0.8 percentage points in 2020. The growth of global GDP is closely related to the growth of global textile cotton consumption, and the current downturn in economic conditions is accompanied by weak demand from spinning mills.
In terms of output, the output of most major producing countries such as the United States, Pakistan, China, India, Turkey, Turkmenistan, and Greece have all been reduced significantly.
In terms of consumption, India increased 250,000 bales, Indonesia increased 100,000 bales, Turkey increased 200,000 bales, and Uzbekistan increased 100,000 bales. Global exports increased by 1.1 million bales, Brazil decreased by 300,000 bales, and Benin, Greece, and India’s exports were all increased by 100,000 bales. Imports from Turkey, Pakistan, and India increased, while imports from Indonesia decreased.
The Sino-US trade dispute is still the biggest uncertainty in the market. Although the two sides are now working towards the initial agreement, the details are still unknown. After the cancellation of the APEC summit in Chile, the date of the agreement signing is even more difficult to discuss. It is expected that at least Have to wait until December. According to official statistics, China has signed a contract with 320,000 tons of US cotton. China hopes that the two countries will abolish all the additional tariffs, but the US's idea is to gradually eliminate tariffs. Any reduction in tariffs will be a clear reversal.
In September, the United States imposed a 15% tariff on Chinese clothing, covering product categories where China's share of US clothing imports is less than 75%. That month, the United States' imports of clothing from China fell by 13% year-on-year in square meters, but China's share was still high (45%). In the past three months, the sum of China's clothing imports was slightly higher than the same period last year (July to September) by 1%. From July to September, China's share remained stable (47%) compared with the same period last year. It remains to be seen whether the decline in clothing imports from China in September means that US retailers are staying away from China. Affected by the additional tariffs imposed by the United States, the demand for fiber from Chinese textile mills may slow down.
The International Monetary Fund (IMF) estimates that the Sino-US trade dispute will cause the global GDP growth rate to drop by 0.8 percentage points in 2020. The growth of global GDP is closely related to the growth of global textile cotton consumption, and the current downturn in economic conditions is accompanied by weak demand from spinning mills.
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