Vietnam Imports $1.53 Billion in Cotton in H1
Vietnam imported 766,000 tonnes of cotton worth US$1.53 billion in the first half of this year, marking a 21.6 per cent increase in volume and a 9 per cent rise in value compared to the same period last year, according to the General Statistics Office.
The average import price during this period was $1,995.5 per tonne.
Vietnam's cotton imports come from 11 main markets, including:- Brazil: $443 million (up 111 per cent),US: $400 million (down 18 per cent),Australia: $196 million (down 23 per cent),India: $85 million (up 116 per cent).
Notably, cotton imports from Pakistan surged by 3,380 per cent to 5,186 tonnes in the first five months of this year, with revenue increasing from $0.2 million to $9.1 million.
Conversely, imports from the Republic of Korea dropped by 72 per cent to 324 tonnes.
The highest average price was for cotton imported from China at $3,832.3 per tonne, followed by the Republic of Korea at $2,179 per tonne, the US at $2,098 per tonne, and Australia at $2,092 per tonne. The lowest price was for cotton from Indonesia at $1,360 per tonne.
Vietnam is the third-largest cotton importer globally, with an annual import volume of around 1.5 million tonnes, primarily serving its textile industry. Vietnam is also the sixth-largest textile producer 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 per cent of the sector's demand, fiber 30 per cent, and fabric 20 per cent.
The International Cotton Advisory Committee forecasts that global cotton prices will trend upward in 2024, driven by recovering demand and declining output.
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