China sees yields on cotton rise to 7m tons
Date:2008/01/11 Source:
China's cotton yield was estimated at more than seven million tons last year, a record high, Ministry of Agriculture sources said yesterday.
They said the yield rose 4.5 percent from 6.7 million tons in 2006.
The sources estimated that land sown to cotton totaled 5.53 million hectares nationwide last year, a marginal increase of 1.72 percent over 2006.
Last year, the central government earmarked 500 million yuan (US$68.5 million) in subsidies for the purchase of improved seeds to support cotton growing. The incentive helped improve cotton production and quality, the sources said.
In the domestic market, cotton peaked at 14,438 yuan per ton and bottomed at 12,922 yuan per ton, averaging 13,424 yuan per ton in 2007, down 2.6 percent from the previous year.
In a related development, the International Cotton Advisory Committee said owing largely to slower global economic growth, world cotton consumption is seen to ebb in 2008.
It estimated world cotton output at 26.02 million tons, down 2.7 percent, and consumption at 27.38 million tons worldwide, up 2.98 percent. The consumption growth was lower than the rate for each of the previous three years. The gap between supply and demand was estimated at 1.36 million tons.
According to the committee, the global cotton price peaked at 69.68 US cents per pound and bottomed at 55.6 cents per pound, averaging 63.28 cents per pound last year, up 10.2 percent on the previous year. |
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