The Ministry of Finance promulgated on May 28 that the sliding duties for high-grade cotton imports were to be lowered temporarily from RMB570/MT to RMB357/MT during June 6 ~ Oct. 5. This is tantamount to reducing sliding duties rate from 5 ~ 40% to 3 ~ 40%.

The 2008 sliding duties are based on a standard cotton import price of RMB11.397/kg. But China’s cotton import price is generally above RMB11.914/kg (CIF) currently. With the new policy, the cost of 50% of imports can be cut by RMB168 ~ 241/MT. The temporary rate is applied to imports without preferential quotas.

List

News Briefs 1

Cotton Import Sliding Duties Reduced 2

Textile Industry’s Cotton Consumption in Jan. ~ April 2

China’s Cotton Imports in 2007/2008 4

Textile Industry’s Development Slowing Down 6

Weather & Cotton Conditions 7

Price Trends: 8