Weekly operation dynamics of Sino-US trade and cotton textile market (3.6~3.12)
Recent news:
On March 5, local time in the United States, the Office of the United States Trade Representative (USTR) announced the first batch of product exclusion announcements under the list of goods subject to additional tariffs of US$300 billion. This exclusion A total of 8 products are involved, including 5 tax codes for textile and clothing products. Excluded products will no longer be subject to Section 301 tariffs when exported to the United States. The excluded products listed in this announcement are valid from September 1, 2019 to September 1, 2020. On August 20, 2019, the Office of the United States Trade Representative (USTR) decided to impose a 10% tax on Chinese goods with an annual trade volume of approximately US$300 billion. Additional tariffs on products listed in Action List A take effect on September 1, 2019. On August 30, 2019, USTR decided to increase the surtax rate from 10% to 15%. On January 22, 2020, USTR decided to reduce the tax rate from 15% to 7.5%. List B has not yet been launched.
On March 7, the General Administration of Customs of China announced trade data from January to February 2020. Due to the impact of the extended Spring Festival holiday and the COVID-19 epidemic, foreign trade experienced a significant decline in the first two months. In RMB terms, the country’s foreign trade import and export dropped by 9.6% cumulatively, of which exports fell by 15.9% and imports fell by 2.4%. From the data point of view, textile and clothing exports have been affected more than the overall trade in goods. In addition, the total value of Sino-US trade fell by 19.6%.
Cotton TextileMarket:
Entering March, the start-up progress of cotton textile enterprises has accelerated again. According to statistics from the China Cotton Industry Association, the resumption rate has reached more than 80%. Among them, cotton textile enterprises in Xinjiang have resumed work on a large scale in the late first week of March; in Guangdong, With the opening of several major fabric markets one after another, the opening rate of cotton textile enterprises has increased.
Judging from this week’s spot prices of domestic and foreign cotton textile-related products, prices have weakened overall and the decline has accelerated. On the 12th, the settlement price of the main cotton contract was 12,180 yuan/ton, a decrease of more than 200 yuan/ton from the previous day’s settlement price, and a decrease of 500 yuan/ton from the same period last week. On the same day, the main contract settlement price of cotton yarn was 20,220 yuan/ton, a decrease of more than 700 yuan/ton from last week. The spot market is not optimistic either. On the 12th, the 3128B grade cotton price index was 12,510 yuan/ton, a decrease of more than 500 yuan/ton from the same period last week. The yarn price index on the same day was 20,590 yuan/ton, a slight decrease from the same period last week. . U.S. cotton futures also performed weakly, with the settlement price on the 11th being 61.55 cents/pound, down nearly 2 cents/pound from the same period last week.
Disclaimer:
Disclaimer: Some of the texts, pictures, audios, and videos of some articles published on this site are from the Internet and do not represent the views of this site. The copyrights belong to the original authors. If you find that the information reproduced on this website infringes upon your rights and interests, please contact us and we will change or delete it as soon as possible. </p
