High cotton prices dampen downstream demand

The African market has gradually risen in recent years, especially in 2018-2019, some domestic production lines have also been transferred to Africa. Therefore, the exports to China has increased rapidly from 2019. Imports in 2020 have grown by 28%, mainly from South Africa and Nigeria, but in 2021 imports from South Africa shrank sharply affected by the riots, which caused disruptions of plant operation. Imports from Nigeria in Mar 2021 were good, reaching 2,728 tons. But the imports from Africa were zero in the fourth quarter of 2021. In 2022, there were only imports from Uganda of 455 tons, mostly to Europe. Recycled PSF capacities continue to expand in Africa benefited from the edge in sea freight to Europe and no high tax.