Tag: cotton production
A Beijing-based cotton trader said the impact may be limited as China imports about 2 million tonnes a year each of cotton and cotton yarn, which may be enough to make textiles for the United States without Xinjiang cotton. Xinjiang’s output is about 5 million tonnes.
Global cotton prices have fallen by more than 11% this year, after efforts to slow the spread of the novel coronavirus forced clothing shops to close, dented demand and accelerated a decline triggered by the U.S.-China trade war.
In a bid to improve cotton production capacity in Nigeria, Central Bank of Nigeria (CBN) this week approved a fresh loan of N19.2 billion to fund nine cotton processing plants in the country. President of the National Cotton Association of Nigeria, Anibe Achimugu joins CNBC Africa to discuss what this fund means for Nigeria’s cotton industry.