China to stop importing cotton
China is likely to suspend its cotton imports from the United States and Canada to reduce global pollution and to boost local demand, according to a draft order from the country’s Commerce Ministry.
The move would be the first significant shift in China’s policy towards U.S. cotton since the two countries signed a $3.5 billion agreement in 2013 to share a $20 billion cotton trade surplus, according the China Daily newspaper.
China has not done anything yet with the imports of U.N. cotton, but will probably consider it as a means to boost domestic cotton output and protect the environment, said the report.
China imported 8.5 million metric tons of U:W: cotton in the first quarter of 2018, and in the second quarter of 2019, it imported 2.8 million metric ton.
China is one of the world’s largest importers of cotton, accounting for more than 70 percent of the global market.
U.P.S., which exports cotton to China and Vietnam, has reported a drop in its cotton prices since the Trump administration announced its tariffs on Chinese imports in September 2018.
But the report said China is unlikely to stop its imports from U.K. and Canada.
The report said that while the United Kingdom is the second largest cotton importer in the world, it only accounted for 5 percent of China’s cotton exports.
In the U.W. market, Canada accounted for nearly a third of the U:G: cotton imports in the fourth quarter of 2020, and the third quarter of 2021.
In Canada, China accounted for 6.6 percent of Canada’s cotton imports.
The U.A.E. accounted for less than 2 percent of Canadian cotton exports in the same period.
The report also noted that Canada’s trade surplus with China had dropped from $18.7 billion in the three months ending September 2019 to $14.7 in the year to September 2020.
The United States is also likely to curb its import of cotton from Canada and other Asian countries.
The Commerce Department last week issued an order to remove the U-turns on the $2 billion trade deficit in Chinese cotton that the Trump government imposed on the U;G.
in May 2020.
Trump has been an outspoken critic of China, saying the U.;G.
has been sending “a very bad signal” and that the country “will not pay.”