According to customs statistics, in May 2019, China imported 180 thousand tons of cotton, a flat ratio, an increase of 38.5% over the same period last year. In 2019 1-5, China imported 1 million 20 thousand tons of cotton, an increase of 74.7% over the same period last year. Since 2018/19 (2018.9-2019.5), China has imported 1 million 620 thousand tons of cotton, an increase of 74.8% over the same period last year.

Since July 6, 2018, China has imposed 25% tariffs on imported cotton and cotton. The import price of US cotton has gradually dropped from the "altar". Non US cotton (Brazil cotton, Australia cotton, India cotton, West African cotton and so on) occupy a large share of the market share, and completely replace the US cotton from the high and low grade and quality.

Brazil's exports to China are more likely to exceed 40% or even 50%. In the 2018 year, Australia cotton has been highly appreciated by China's cotton mills and traders, coupled with the stimulation of China's cotton textile industry upgrading and spanformation, and is very optimistic about China's exports. However, India's cotton exports are somewhat "shinby". Especially since May, the cotton price of ICE cotton has dropped down. India's cotton FOB and CNF quotas have also declined comprehensively, including the US cotton, Australia cotton and Brazil cotton. However, the decline is obviously narrower than that of other cotton producing areas. The CNF/CIF price of S-6 is higher than that of Ukrainian cotton, Brazil cotton, non state cotton, inferior to C/A, "the price of goods is not cheap," and competitiveness continues to decline. According to statistics, China's cotton exports to 2018/19 account for 36.1% of Brazil's total cotton exports in the year of 2018/19. If it is not because of the serious shortage of cotton spanportation in Brazil, the imperfect infrastructure such as processing and storage, and the cotton growers in the past 3-4 months,

Cotton import "red May" has not been released. How about the import and customs clearance of Chinese textile enterprises and importers in June? Is it possible to continue the "red hot" situation? According to the survey, imports in June were restricted by the deterioration of Sino US trade negotiations (mutual tariffs), the devaluation of the RMB exchange rate (almost 7), and the domestic cotton consumption's sharp decline. However, the import volume is still worth looking forward to, and it is expected to be between 15-18 tons. The reasons are as follows:

一、6月以來(lái)ICE期棉主力合約持續(xù)在65-68廂體內(nèi)盤(pán)整(低點(diǎn)64.70，創(chuàng)2016年7月中旬以來(lái)新低)，不僅ON-CALL點(diǎn)價(jià)合同成交，紡企“逢低吸納”熱情高漲；二、半個(gè)多月CF1909合約從12720漲至13845(漲幅8.84%)，引發(fā)2018/19年度現(xiàn)貨、儲(chǔ)備棉輪出底價(jià)及成交價(jià)呼應(yīng)大漲，內(nèi)外棉價(jià)差縮小，巴西、印度等產(chǎn)地棉花競(jìng)爭(zhēng)力提高；三、中美貿(mào)易戰(zhàn)面臨升級(jí)、失控的風(fēng)險(xiǎn)，服裝、棉紡織企業(yè)紛紛通過(guò)降低產(chǎn)品檔次、減產(chǎn)甚至停產(chǎn)來(lái)應(yīng)對(duì)，對(duì)高品質(zhì)高可紡性的澳棉、長(zhǎng)絨棉等需求下滑，反而擴(kuò)大中低品質(zhì)原料采購(gòu)以維持生產(chǎn)；四、一些前期受存儲(chǔ)、船期延期的巴西棉合同仍有條不紊執(zhí)行；五、近一周多來(lái)人民幣匯率大幅升值，對(duì)做空力量進(jìn)行圍剿，利于外棉進(jìn)口。 In June 24th, the central parity of RMB against the US dollar was quoted at 6.8503 yuan, and the "7" broke short.