According to customs statistics, my country imported approximately 130,000 tons of cotton yarn in May 2022, an increase of approximately 10,000 tons from the previous month, but still a year-on-year decrease of approximately 22.4%; the import and export volume of cotton gray fabrics in May continued to decline year-on-year. However, cotton yarn exports and cotton gray fabrics rebounded significantly in May compared with previous months. Among them, the export growth of C10S-C32 ring spinning yarn (including combed yarn) to some Southeast Asian countries was basically in line with market expectations. According to statistics, cotton yarn export volume increased by 12.6% month-on-month in May, and cotton cloth export volume increased by 10.55% month-on-month, becoming one of the few bright spots in the recent cotton textile and clothing market.
Why did cotton yarn and cotton cloth exports rebound sharply in May year-on-year? The reasons analyzed by the industry can be summarized as follows:
First, as the cotton textile and garment industry in coastal areas and low-risk areas accelerated the resumption of work and production in May/June, some export contracts that were delayed or shelved in the early stage were restarted again; second, as the recent Zheng Cotton CF2209 contract continued to break through multiple levels, The quotation of domestic cotton yarn has also been significantly reduced; the inversion of domestic yarn prices with India, Pakistan, Vietnam and other countries has expanded (CNF/CIF price), and Xinjiang cotton yarn and other exports have continued to develop; thirdly, due to concerns about the US government’s restrictions on Xinjiang cotton on June 21 The import ban has been upgraded, some June/July contracts have been implemented ahead of schedule, and exports of cotton yarn and cotton cloth are now concentrated on breaking through barriers; fourth, the RMB exchange rate has depreciated sharply in May, which has been a short-term benefit for exports of cotton yarn, gray fabrics, etc., and domestic cotton yarn prices have continued to fall sharply. And under the premise that the accumulation rate of cotton yarn is increasing, expanding gauze exports has become an inevitable option.
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