Vietnam is one of the top exporters of cotton products, but cotton production and exports are negligible in the country. Hence, it is completely dependent on cotton imports for processing.
Cotton imports of the country went from 6.47 million 480 lb bales in MY 2019-20 to 6.80 million 480 lb bales in MY 2020-21, recording a 5.10 per cent growth. They are expected to rise further by 4.41 per cent to reach 7.10 million 480 lb bales in MY 2021-22, according to Fibre2Fashion’s market analysis tool TexPro.
Growth of imports is supported by vaccinations and new trade techniques as well as reduced trade tensions between the US and China.
As for the cotton consumption, Vietnam consumed 6.60 million 480 lb bales in MY 2019-20 and 6.70 million 480 lb bales in MY 2020-21. Consumption may rise further by 4.48 per cent to 7 million 480 lb bales in MY 2021-22 over the domestic consumption in the previous season.
Fibre2Fashion News Desk (KD)
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