Vietnam spends US$2.1 billion importing cotton over nine-month period
VOV.VN - Vietnam imported a total of 989,235 tonnes of cotton worth more than US$2.1 billion during the past nine months of the year, suffering a fall of 6.8% in volume and 28.2% in value compared to the same period from last year, according to preliminary statistics released by the General Department of Vietnam Customs.
The average import price throughout the reviewed period reached US$2,160 per tonne, down 23% against the same period from last year.
September alone saw the country spend more than US$220 million importing 108,516 tonnes of cotton of all kinds, down 11% in volume and 10.1% in value compared to the previous month.
During the nine-month period, the United States and Australia represented the two largest suppliers of cotton to Vietnam.
Furthermore, the country also spent more than US$832 million importing 378,973 tonnes of cotton from the US, representing a rise of 6.28% in volume but a fall of 29.95% in value on-year. The average import price in the US market dropped by 25% to US$2,196 per ton on-year.
Meanwhile, Australia exported 300,816 tonnes of cotton to the Vietnamese market in the reviewed period, grossing more than US$668 million, up 39% in volume and 2.4% in value compared to the same period from last year.
The average import price in the market declined by 26% to US$2,221 per tonne, down 26% over the same period in 2022.
Currently, Vietnam represents the world's third largest cotton importer with a consumption output reaching 1.5 million tonnes annually. Moreover, the nation has become the world's sixth largest fiber exporter and third largest exporter of garments and textiles globally, just behind China and Bangladesh.
