Vietnam spends US$1.53 billion on importing cotton in H1
Vietnam imported 766,000 tonnes of cotton worth US$1.53 billion in the first half of this year, representing a rise of 21.6% in volume and 9% in value over the same period last year, according to updates from the General Statistics Office.
Import prices averaged US$1,995.5 per tonne during the reviewed period.
Vietnam mainly imports cotton from 11 markets, including Brazil (with a value of US$443 million, up 111%), the US (US$400 million, down 18%), Australia (US$196 million, down 23%) and India (US$85 million, up 116%).
Cotton imports from Pakistan saw the strongest increase by 3,380% to 5,186 tonnes in the first five months of this year, with revenues increasing from US$0.2 million to US$9.1 million in the period.
Meanwhile, imports from the Republic of Korea dropped by 72% to 324 tonnes.
Cotton imported from China had the highest average price of US$3,832.3 per tonne, followed by the Republic of Korea with US$2,179 per tonne, the US, US$2,098 per tonne and Australia, US$2,092 per tonne.
Cotton imported from Indonesia had the lowest price at US$1,360 per tonne.
Vietnam is the third largest cotton importer in the world with an import volume of around 1.5 million tonnes per year, serving mainly its textile industry. Vietnam is the sixth largest textile and the third largest garment producer in the world, after China and Bangladesh.
According to the Vietnam Textile and Apparel Association, domestic cotton production meets only 1% of the demand for the sector, fibre 30% and fabric 20%.
The International Cotton Advisory Committee forecasts that the global cotton prices will be on upward trend over 2024, due to recovering demand and drops in output.
