Vietnam’s cotton imports in the current year surged astronomically compared to the figures it registered in the previous year, a report published by the country’s Industry and Trade Ministry underlines.
According to the report, the East-Asian country imported 140,000 tonnes of cotton worth at US $ 244 million in the month of January. This is a 49.7 per cent increase in the volume of cotton imported on the basis of a year-on-year comparison. In terms of the value of cotton imported, the figure registered a mammoth rise of 51.1 per cent.
The imports indicate a sharp increase in Vietnam’s garment output and 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 endeavour.
Vietnam’s biggest cotton import markets are the United States, India, Australia, Brazil and Cote d’Ivoire.
Way back in 2005, the cotton imports figure stood at 150,000 tonnes. Since then, till 2017, the figure has reached the 1.3 million tonnes-mark. In terms of value or cost, Vietnam had spent over US $ 2.3 billion for import of cotton. The Year-on-Year increase registered in the value of cotton imported stands at 41.2 per cent.
Pertinent to mention here that Vietnam, which is an increasingly dominant sourcing destination for the global clothing industry, has registered US 2.3 billion export earnings in the first month of the year 2018 by catering mainly to the US, the EU, Japan and South Korean markets. The increase in cotton import further hints at an increased (garment) production output in the coming months.