ISLAMABAD, FEB 23 (DNA) — China’s import of cotton yarn from Pakistan reached a record high of $695,622,837, marking a significant surge of 46.7% during the year 2023, data from China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT) showed, according to China Economic Net (CEN).

Recently, the All Pakistan Textile Mills Association (APTMA) released a report stating that due to the sharp rise in energy prices, power and gas supply interruptions, more than a thousand textile factories have stopped production, and the decline in production capacity has affected the demand for intermediates.

As per CCCT, due to the large price difference between domestic and foreign cotton yarns after the second quarter, the importers’ order intentions continued to rise, resulting in the recent arrival of imported yarns, which pushed up the imports.

Among them, India, Pakistan and Uzbekistan increased their exports of cotton yarn to China by 243.2%, 351.1% and 867.1% respectively last December. And for the whole year, cotton yarn from Pakistan accounts for 15.8% of China’s cotton yarn imports.

 According to statistics from the General Administration of Customs of the People’s Republic of China (GACC), the total value of yarn imports and exports in 2023 was $ 19.68 billion, a decrease of 2.9% year-on-year. 

Among them, exports were $ 13.7 billion, down 8.6% year-on-year; imports were $ 5.98 billion, up 13.2% year-on-year, and imports were 2.043 million tons, up 32.6% year-on-year. Among the imported yarns from the globe, cotton yarn is the most important category, accounting for 70% of the yarn imports and 24% of the textile and clothing imports.

China’s demand for imported cotton and cotton yarn continues to increase.  From January to December 2023, the cumulative import of cotton yarn reached 1.687 million tons, an increase of 43.4% year-on-year. — DNA