Vietnam’s cotton imports increased to $1.309 billion during Jan to May’24, as per the newly released ‘Vietnam Cotton Import Research Report 2024-2033’by ResearchAndMarkets.com.In In 2023, Vietnam recorded cotton imports worth $2.744 billion.
Currently, cotton production across the globe is dominated by China, the United States, India, Brazil, and Australia, with China, India, and the US being the most influential players in the cotton market. Highest demand for cotton is generated from the Asia and Western markets with demand in the emerging markets also being driven by economic development and increasing income levels.
Southeast Asia's fast-growing economy and the world’s second-largest textile exporter, Vietnam is heavily dependent on cotton imports due to limited domestic production, which fulfills only around 1 per cent of the country’s demand. The country is currently the world’s third-largest cotton importer, with import values in the billions annually. It mostly imports cotton from the United States, Australia, Brazil, China, and Singapore.
From 2021-24, Vietnam sourced most of its cotton fromthe US, Australian, and Brazilian exporters including Sunray Macao Commercial, Bros Macao Commercial Offshore And Louis Dreyfus Company Suisse SA.Some of the major Vietnamese cotton importers included Brotex (Vietnam) Co, Texhong Galaxy and Texhong Yinlong Technology.
With the continued growth of Vietnam’s textile industry, demand for high-quality, stable cotton supplies is expected to rise as Vietnam upgrades its textile production and expands internationally. The report forecasts an upward trend in cotton import volumes as the industry seeks to meet both domestic and international demand.
