Guangzhou Customs busted a ring smuggling 410 million yuan ($67.12 million) worth of cotton, the largest cotton smuggling case through general trade in the country in recent years. The ring imported more than 24,000 tons of low-grade raw cotton but declared the commodity as waste cotton and paid lower taxes, Cui Qingchao, deputy head of the anti-smuggling bureau at Guangzhou Customs, said at a press conference on Friday [31 October 2014]. China became a net importer of cotton in 2001 and domestic raw cotton costs 7,200 yuan [~US$1,177, 2014 EXR] per ton more than the imported commodity…Full Article: China Daily Oct 2014
- Guangzhou Customs also prevented the smuggling (via Vietnam) of CNY 4.52 billion (US$738 million) worth of cigarettes and alcohol.
- The U.S. has traditionally been the top cotton supplier for China. However in 2011, India surpassed the U.S. and has maintained its slim edge from January to September 2012. Australia has emerged as the third largest supplier, usurping Uzbekistan’s position in 2011.