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According to customs statistics, China's cotton imports in October 290,000 tons, an increase of 20.8% month on month, an increase of 122.1% year on year, continuing the momentum of substantial growth in cotton imports since August and September. In October, China's cotton yarn imports of 170,000 tons, an increase of 162.6% (down 5.55%), the increase was further expanded than in August and September. Some cotton enterprises and cotton textile enterprises said that although they had expected that cotton and cotton yarn imports in October would still increase year-on-year, such a large increase was more or less beyond expectations.
Why in October China's cotton, cotton yarn imports continue to blowout growth?
First, the main March contract of ICE cotton futures in October fell from 89.75 cents/pound, causing a certain amount of Chinese cotton textile enterprises and traders to buy into the market (the buyer mainly trades at the lock base price).
Second, the 2022/23 Australian cotton and Brazilian cotton to Hong Kong/customs clearance quantity purchased by a large cotton trading enterprise from or on behalf of the company continued the growth momentum in September.
Third, the cotton textile industry "gold nine silver ten" arrival, export orders, export traceability orders although there is still a lack of large orders, medium and long-term orders, but short orders, small orders show a certain momentum of recovery, Chinese enterprises cotton, cotton yarn import enthusiasm is not low.
Fourth, the fluctuation range of the RMB exchange rate against the US dollar has been significantly narrowed, and the confidence of importers has stabilized, which is conducive to the import of cotton yarn. Throughout October, the central parity rate of the yuan against the US dollar edged up 19 points from 7.1798 to 7.1779, appreciating 0.026 percent. The spot exchange rate of the yuan against the dollar weakened by 174 points to 7.3176 from 7.3002, weakening by more than 0.23%. One rise and one fall, the volatility has narrowed significantly. According to industry analysis, the RMB is expected to enter a shock appreciation stage in the medium and long term, and the RMB exchange rate against the US dollar is about to open a trend of appreciation.
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