China's cotton output hits 7.8m tons in 2008

China's cotton output stood at 7.8 million tons in 2008, up 4 percent from a year ago, according to statistics from the China Cotton Association.

The average price of cotton decreased 10.4 percent year-on-year to 12,127 yuan ($1,770) per ton in November due to a decline in textile exports that is attributable to the international financial crisis.

Surveys and calculations by the association showed that cotton farmers around the country are likely to reduce their cotton growing area by 10-30 percent as a response to the economic climate.