Fabric Products,Fabric Information,Fabric Factories,Fabric Suppliers Fabric News Multiple factors trigger slowdown in arrival and customs clearance of U.S. cotton in Hong Kong

Multiple factors trigger slowdown in arrival and customs clearance of U.S. cotton in Hong Kong



According to customs statistics, my country imported 196,600 tons of cotton in November 2020, a year-on-year increase of 78.73%; from January to November 2020, my country imported a total of 1.804 million tons …

According to customs statistics, my country imported 196,600 tons of cotton in November 2020, a year-on-year increase of 78.73%; from January to November 2020, my country imported a total of 1.804 million tons of cotton, a year-on-year increase of 6.4%.

Although the 2020 COVID-19 epidemic has had a greater impact on my country’s textile and clothing industry production, sales, and foreign trade exports, since my country’s enterprises resumed work and production in May, domestic and foreign sales have rebounded strongly, and cotton consumption, cotton yarn imports, etc. have delivered a bright future answer sheet. It is worth noting that due to the soaring sea freight from September to November, container shortages, the out-of-control COVID-19 epidemic in the United States, and the presidential election, my country’s imports of U.S. cotton arrived at the port in November declined.

According to reports from some cotton importing companies in Qingdao, Shanghai and other places, in the past half month, there has been a backlog of cotton cargo arriving at some Chinese main ports and waiting for customs clearance. There is no such thing as US cotton, Brazilian cotton, Indian cotton, etc. Exceptionally, the progress of foreign cotton entering bonded warehouses, transfer areas, and shipments has slowed down.

Industry analysis: First, it is affected by factors such as the escalation of epidemic prevention and control at customs and ports and unfavorable weather; second, the cotton import quota within the 1% tariff in 2021 is about to be issued, and some trading companies and cotton textile companies that operate in advance and through quotas The factory waits for the quota to be “in place” by delaying unloading and customs clearance (direct customs clearance and transportation to inland warehouses or manufacturers for storage, without the need to enter bonded warehouses to increase costs); third, due to the continuous sharp rise in freight rates in the past two months, CNF and CIF prices have experienced significant changes. For a major adjustment, buyers and sellers need to repeatedly negotiate to determine how to share the increased freight costs, and customs clearance will naturally be slow; fourth, the exchange rate adjustment for China’s cotton import and export tariffs in January 2021. The China Foreign Exchange Trading Center announced that the central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on December 16, 2020 was: 1 US dollar = 6.5355 yuan. Therefore, the tariff rate for import and export goods in January 2021 will be calculated based on 1 US dollar = 6.5355 yuan. Delaying customs clearance will help reduce costs.

According to feedback from cotton textile enterprises and middlemen in Shandong, Henan, Jiangsu and other places, although the supply of U.S. cotton for 2019/20 and 2018/19 with shipping schedules in January and February is sufficient and the quotations are positive (mainly from several large international (operated by cotton merchants and large import companies), but due to the high proportion of low-grade 32-3/42-4/33-3/32-4/52-4 and fiber length 32-35 lint cotton; coupled with the textile enterprises, There is a serious shortage of “useful” import quotas in the hands of traders. Therefore, except for the price inquiries and transactions of US cotton, Brazilian cotton, Indian cotton, and West African cotton, which are 31-3 36 (or M 1-1/8) and above, there has been some recovery. The lower the quality and poorer the spinnability of lint, the less attention it receives. The recent slow start and low activity of sales of OE yarn, C16S and below low-count ring spinning yarn are also important reasons for the insufficient signing and transaction of late-season US cotton in 2019/20. </p

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Author: clsrich

 
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