The impact of global financial crisis on the economy expanded further in November, with prices of bulk commodities including cotton falling sharply. December contract of New York futures averaged at 42.78 cents per lb in November, down 7.79 cents or 15.4 percent from the previous month. In major Asian ports, CNF price was 59.87 cents per lb, down 7.57 cents or 11.2 percent from the previous month.
China’s cotton imports in November continued to decline, due to poor textile exports. According to customs statistics, China's cotton imports in November registered 76,000 tons, a year-on-year reduction of 26,000 tons, down 25.2 percent; less 33,000 tons or 25.4 percent from the previous month.
While on the other hand, from January to November this year, China's cotton imports totaled 1,943,000 tons, a year-on-year decrease of 195,000 tons, or 9.1 percent. The main reason in reduced imports is due to the slowdown in the textile and garment sector and also the fact that there are still large quantities of domestic cotton lying unsold with the farmers and ginners.
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