China will be the largest cotton buyer from US

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Last updated at: (Beijing Time) Sunday, November 23, 2003

China will be the largest cotton buyer from US

Economic analyst Gary Raines of UScompany Cotton Inc. has said that China will become the largest buyer of cotton from the United States.

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Economic analyst Gary Raines of UScompany Cotton Inc. has said that China will become the largest buyer of cotton from the United States.

In fact, China will become the largest buyer in the world market and the United States will become the largest seller, Raines said in a speech on the economic outlook for cotton at an international conference recently held in Guiyang, capital of southwest China's Guizhou Province.

According to Raines, American cotton usually accounts for about 55 percent of China's imports. China is likely to buy 830,000 tonsfrom other nations this year, of which roughly 455,000 tons will come from the United States.

The acreage of cotton fields in China this year increased 20 percent over last year but the yield dropped 20 percent due to badclimate. Chinese experts believe that the nation's cotton supply will fall short of demand in the near future.

According to the experts, China should start a cotton futures market soon to control trade risks and stabilize cotton prices.

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