Cotton: World Markets and Trade. China's First Quarter Imports Belie Full Year Forecast.

摘要

Chinas imports in the first quarter of the 2012/13 marketing year are similar to last year, helping to stabilize world prices. Although consumption is continuing to decline, import demand has remained strong, driven by limited free stocks due to the sale of 17 million bales (nearly three times that of last year) of the new crop to the State Reserve. However, for the full year the import forecast is less than half the previous year. This implies imports for the balance of the marketing year will taper off, especially after the first of the year, when some cotton is expected to be released from the State Reserve. Declining import demand could exert pressure on world prices.