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Tennessee cottons exports to China on the rise United States Of America |
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2004-7-13
Cotton sales to China recorded $5.2 billion worth exports from Tennessee during the first four months of this year. This was one billion more than last year.Local trade experts said the 30.5% increase through April ? compared to $4 billion in exports during the first four months of 2003 ? gives Tennessee one of the fastest growth rates among states most heavily involved in international trade.''''We''re the best among any of the top 20 (state) exporters at least,'''' said Dean Peterson, director of the Nashville Export Assistance Center.Tennessee exported $12.6 billion worth of goods last year, 17th-highest among the 50 states.A $595 million rise in cotton exports to the world through April explains roughly half the increase, and much of that is attributable to China.China, in fact, has overtaken Mexico and the United Kingdom to become Tennessee''s second-largest export market behind Canada.China exports rose 345% to $735 million through April, and cotton exports alone went from $78 million a year ago to $607 million during the same four-month period.The cotton export boom speaks as much to a shift in global textile production as an expanded market for Tennessee farmers.In recent years, production at U.S. textile mills has fallen by nearly half, from 11.5 million bales to roughly 6 million bales during the almost-completed 2003-04 market year, which runs from August through July. A bale is equal to about 480 pounds of cotton.While foreign textile mills in countries with significantly lower labor costs replaced U.S. production, of which China picked up the lion''s share of the business.''''China is the 800-pound gorilla,'''' said Gary Raines, an economist with Cotton Inc., a Cary, N.C.-based marketing and research organization for the U.S. cotton industry.He said, “China''s booming textile industry continues to make it a voracious buyer of foreign cotton despite China''s status as the world''s biggest cotton producer. Its appetite has grown even larger after China''s own cotton growers experienced an especially rough season this past year.” After buying 3.1 million bales during the 2002-03 market year, Raines said, “China was expected to purchase 8.8 million bales when the books are closed on 2003-04.”Tennessee cotton sellers have little choice but to follow the textile markets. Raines said one out of every four bales produced in the United States is sold to China. Overall, foreign markets account for three-quarters of U.S. cotton purchases.''''Thank goodness we have the export market to fall back on,'''' said William May, an executive vice president of the Memphis-based American Cotton Shippers Association.Two major issues plaguing the industry are the WTO ruling against USA in favor of Brazil and the quotas exit by January 2005. ''''Their textile consumption is just gigantic,'''' said May of China while adding, ''''and when the textile quotas go away, I think they''ll be able to ship whatever they want to.
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