The textile industry continues to see high growth in Vietnam but the growth rate is slower compared to 2017 and 2018. In April, textile and garment export value was up 1.5 per cent year on year, but down 15.3 per cent month on month. In January to April, the export value increased 8.5 per cent year on year.
Vietnam’s cotton imports in April 2019 were up 14.6 per cent year on year, but down six per cent month on month. In January to April, cotton imports were down 2.3 per cent year on year, the first fall in four years. Vietnam’s major sources of cotton are the US, Brazil and India. In April, Vietnam’s imports of US and Australian cotton climbed while those of Brazilian cotton and Indian cotton declined. From January to April 2019, imports of US cotton were up 18.79 per cent year on year.
In April, Chinese cotton yarn market sales turned thin quickly and buying from China reduced, so Vietnamese spinners had to lower the yarn offers after inventory was accumulated. In May, cotton futures dived quickly with the escalation of Sino-US trade. Vietnamese spinners purchased some cotton, but they would not purchase too much feedstock.