In an effort to improve the competitiveness of the domestic textile industry in export markets, the government of China has taken action to reduce domestic cotton prices. After releasing an import quota of 230,000 bales in June, the government began to increase the quantities of reserve-stock cotton offered for sale on the China National Cotton Exchange. To further stimulate the sale of surplus stocks, in July the government reduced the minimum bid price on the exchange. While recent auction levels are not nearly as high as last year, these actions could indicate a government preference for selling surplus stock as opposed to allowing additional imports. Accordingly, the USDA reduced China's 2001/02 import forecast by 250,000 bales this month to 1 million bales. With a 11 percent increase in production, China's 2001/02 ending stocks are forecast to increase to 11 million bales.
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TABLE OF CONTENTS
U.S. Cotton Outlook
World Cotton Outlook
U.S. Cotton Highlights
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