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The forecast comes after China's cotton industry association said earlier last week that the Chinese government would increase the import quota to boost overseas purchases. Once the world's top cotton importer, China has seen its imports shrink from more than 5 million tons in 2011/12 to around 1 million tons in 2017, due to its efforts to reduce state stockpiles of the fiber. Now, after several years of auctions to low state stocks and with demand improving, buyers are expected to return to the market to supplement a production deficit at home. Domestic cotton usage is expected to increase by 1.5 million bales to 41.5 million bales in 2018/19, said Bourgois. The group has lobbied the government to increase the import quota to meet demand from textile companies, Gao Fang, executive vice president of the China Cotton Association, told Reuters. Production growth in China has been lean due to limited farmland and high labor costs. Details on the timing and volume of the quota were not known, Fang said. Market participants said last week that the plan was also likely related to pressure from the US for higher imports of US farm goods. China has agreed to significantly increase its purchases of US goods and services, and cotton is one of the top agricultural exports of the US. The industry is also lobbying for more cotton supplies amid a hike in prices that could drive more manufacturers to use cheaper manmade fibers instead.
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