Business

Surge In Cotton Imports Keeps Vietnam’s Garment Export Basket Buoyant

Vietnam’s cotton imports in the current year surged astronomically compared to the figures it registered in the previous year. The country imported 140,000 tons of cotton that was valued at USD 244 million in the month of January. This is a 49.7 percent increase in the volume of cotton imported on the basis of a Y-o-Y comparison. In terms of value of cotton imported, the figure registered a rise of 51.1 percent.

The imports that indicate a sharp increase in Vietnam’s garment output also highlight the local yarn industry’s heavy dependence on imported cotton. Consequently, the country has imported increasingly higher volumes of cotton in the recent years. This surge in volumes mainly serves to feed the growing needs of its textile and garment production and export endeavor.

Vietnam’s biggest cotton import market is the United States, India, Australia, Brazil and Cote d'Ivoire in that order.

Way back in 2005 the cotton imports figure stood at 150,000 tons. Since then, till 2017, the figure has reached the 1.3 million tons mark. In terms of value or cost, Vietnam had spent over USD 2.3 billion for import of cotton. The Y-o-Y increase registered in value of cotton imported stands at 41.2 percent.

Vietnam’s garment exports are mainly to the United States, European Union, Japan and South Korea. The value of the export figures stood at USD 2.3 billion in January. The Y-o-Y increase that was registered was stated as 7.6 percent.

According to ministry sources, Vietnam’s garment and textile export annual turnover stood at USD 25.9 billion dollars. The growth registered was cited as a healthy 8.8 percent.