China’s import of cotton yarn from Pakistan reached a record high of $695.62 million during the year 2023, marking a significant surge of 46.7%, data from China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT) showed.
Recently, the All Pakistan Textile Mills Association (Aptma) released a report which stated that due to the sharp rise in energy prices, and power and gas supply interruptions, more than a thousand textile factories have stopped production, and the decline in production capacity has affected the demand for intermediate goods.
According to CCCT, due to the large price difference between domestic and foreign cotton yarns after the second quarter, the importers’ intention to order continued to rise, resulting in the recent arrival of imported yarn, which pushed up imports.
Among them, India, Pakistan and Uzbekistan increased their exports of cotton yarn to China by 243.2%, 351.1% and 867.1% respectively last December. For the whole year, cotton yarn from Pakistan accounted for 15.8% of China’s cotton yarn imports.
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According to statistics from the General Administration of Customs of the People’s Republic of China (GACC), the total value of yarn imports and exports in 2023 came in at $19.68 billion, a decrease of 2.9% year-on-year.
Among them, exports stood at $13.7 billion, down 8.6% year-on-year, imports amounted to $5.98 billion, up 13.2% year-on-year and in quantity terms imports were 2.043 million tons, up 32.6% year-on-year.
Out of the yarn imported from across the globe, cotton yarn is the most important category, accounting for 70% of the yarn imports and 24% of the textile and clothing imports.
China’s demand for imported cotton and cotton yarn continues to increase. From January to December 2023, the cumulative import of cotton yarn reached 1.687 million tons, an increase of 43.4% year-on-year.
This article originally appeared on the China Economic Net
Published in The Express Tribune, February 24th, 2024.
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