National Development and Reform Commission (NDRC) informed that China, which is the biggest producer and exporter of textiles globally, is anticipating 10.5 percent increase in cotton production this year.
A statement released by NDRC shows that as per current estimates, cotton production has possibility of reaching 6.5 million tons which is 8 lakh tons more than last year, and good weather in prime cotton producing regions has resulted into healthy harvests.
International Cotton Advisory Committee has increased its estimate of world's cotton production by 330,000 tons to 25 million tons due to more harvest in China, India and US, which has reduced prices of local and imported cotton here.
Cotton futures contracts, which will mature in December, were priced at 13,666 yuan (US$ 1,730) per ton at China's Zhengzhou futures exchange at September end, which is 667 yuan lower than August.
Customs figures showed that the country's cotton imports had a massive drop of 57.2 percent in September to 134,000 tons as against last year, which is 53.1 percent less than the August figure.
To safeguard the interests of farmers, NDRC has asked to ascertain that buying of cotton from farmers occurs flawlessly and efficiently. It stated that local cotton supply is very less compared to its demand despite rich harvest, so local cotton farming has to be improved gradually.
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