The Price Difference Between Inside And Outside Cotton Is Seriously Upside Down &Nbsp; The New Sliding Tax Policy Is Limited.
The Ministry of Finance issued a circular recently that since January 1, 2012, China will implement a new sliding tax policy on a certain quantity of cotton imported from the tariff quota.
In this way, 2012
Imported
The total cost of cotton will be higher than that of 2011. For details, we can see that the cost of imported cotton is up to 512 yuan / ton under the new sliding tax. The relevant analysis helps to reduce the pressure brought by low price cotton to a certain extent, but at the moment, the price difference between domestic and foreign cotton is seriously upside down, and the benefit of the new sliding tax policy is greatly reduced.
December 19th, representing the international average price of China's main port of import cotton.
cotton
The index (M) is 99.53 cents / pound, calculated by 1% tariff. The cost of import of RMB is 16253 yuan / ton (the exchange rate is 6.3303), which is lower than the domestic market price 2883 yuan / ton. According to the sliding tax, the import cost of RMB is 16666 yuan / ton, which is lower than the domestic market price 2470 yuan / ton.
After the adjustment of the sliding tax policy, the cost of imported cotton increased by 512 yuan per ton in 2012.
Therefore, from a static point of view, there is still a price advantage of nearly 2000 yuan per ton in the current cotton market. From a dynamic perspective, under the pressure of over 2 million 500 thousand tons of global supply and demand, foreign businessmen are likely to continue to reduce their sales promotions.
To sum up, due to the serious upside down of cotton prices at home and abroad, the new sliding quasi tax policy is limited. It is expected that textile enterprises will not change too much in the short term, and cotton will not be changed in the next few months.
Imported
The volume is expected to remain high.
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