Cotton imports by Southeast Asian nation of Vietnam have surged by around 50 per cent in January 2018, compared to the same month of the previous year, according to data from the country?s ministry of industry and trade. The US, followed by India, Australia, Brazil and Ivory Coast were the major suppliers of white fibre to Vietnam during the month.
In January 2018, Vietnam imported 140,000 tonnes of cotton valued at $244 million, up 49.7 per cent by volume and 51.1 per cent in value compared to first month of 2018. The jump in cotton imports during the month was higher than the increase in imports registered in 2017. Last year, Vietnam imported 1.3 million tonnes of cotton valued at $2.3 billion, up 41.2 per cent year-on-year.
Vietnam is dependent on cotton supply for its growing textile and garment industry. Last year, Vietnam earned $25.9 billion from its fabric and garment exports, up 8.8 per cent, according to preliminary estimates by the ministry.