Refined cotton export of China sees a significant “leap”

The export market for refined cotton has seen a significant "leap" this year, especially in Mar, when the monthly export volume exceeded 10kt for the first time, reaching a new high in the export market.

In 2022, the export volume of refined cotton broke through the 80kt mark (about 81.7kt), setting a new record. The export volume continued to reach historic highs in 2023, with another "leap" in growth this year.

According to customs data, the export volume of refined cotton in Mar 2024 was about 10,701.06 tons, an increase of 60.08% month-on-month and 41.47% year-on-year. The average export price was $1,537.26/mt, a decrease of 1.38% month-on-month and 14.89% year-on-year. The cumulative export volume in Q1 2024 was 24,684.9 tons, an increase of 14.62% year-on-year.

In Mar, the export destinations for refined cotton were relatively dispersed, with exports to 22 countries and regions. In terms of proportion, the concentration of exports was relatively high, with the top 5 countries and regions accounting for over 76% of the total. The Republic of Korea has been leading for many years, but in Mar this year, there was a significant increase in exports to Kazakhstan, totaling about 3,915.8 tons, accounting for 36.6%, indicating that the substantial growth in exports to Kazakhstan was a major factor in the overall export growth in Mar.

In Q1 2024, the export volume of refined cotton to the top five countries (The Republic of Korea, Kazakhstan, Japan, the Netherlands, and Thailand) was 17,498.6 tons, accounting for nearly 71% of the total export volume. The most significant growth was in Kazakhstan, while there were noticeable decreases in exports to the United States and Brazil.

In Mar, refined cotton was exported from 10 provinces and cities. In terms of proportion, the concentration of exports was high, with the top 5 provinces and cities accounting for 92% of the total. Over the years, Shandong and Anhui have been leading, but in Mar this year, Xinjiang saw a significant increase in exports for the first time, totaling about 4,239.7 tons, accounting for 39.6%, showing that the substantial increase in exports from Xinjiang was a significant reason for the overall export growth in Mar.

In Q1 2024, the main export origins for refined cotton (Shandong, Anhui, Xinjiang, Hubei, and Shaanxi) exported 21,810.5 tons, accounting for over 88% of the total export volume.

This year, the export volume of refined cotton exceeds market expectations, especially in Mar, when the monthly export volume is over 10kt, reaching a historic high. The main increase in exports is to Kazakhstan, with the main exporting provinces and cities in China being Shandong, Anhui, and Xinjiang, with Xinjiang seeing the largest increase in export volume.