(MENAFN) Cotton prices registered its slowest pace in almost five years as China moved to limit imports, resulting an expanding global glut that's cutting costs for T-shirts and jeans, QNA reported.
China, the world's largest importer and grower, said this week it will restrict shipments for 2015.
Upcoming tumbled 27% this year as rains expanded prospects for crops in the US, the top exporter. Lower prices can help improve profit margins for Hanesbrands and Carter's, the marker of children's apparel that said lower cotton costs will show up in next year's clothing line.
Global production will exceed consumption for a fifth straight year, boosting stockpiles by 6% to a record 106.3 million bales by July 31, 2015, according to the US Department of Agriculture data.
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