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Korean textile executives tour US Cotton Belt
15 May '17
2 min read
The Cotton Council International (CCI), the global marketing arm of the US cotton industry, promoting cotton fibre, fabric, and fashion, has announced that key textile executives from nine Korean companies participated in the COTTON USA Special Trade Mission (STM), which toured the US Cotton Belt, a region of the Southern US, from April 17 to 22, 2017.
The textile executives observed US cotton production, processing, and marketing and met with US cotton exporters. The STM was an opportunity to provide the nine Korean companies with a better understanding of the US cotton industry and to encourage business relationships with the intention of increasing exports of US cotton in the future.
Do Hyung Lee of Taihan Textile said, “The Special Trade Mission gave us a great opportunity to be assured of the excellent quality of US cotton. After this tour, our company will continue to source primarily from the US.”
The Korean delegation began its tour in New York City with a seminar at ICE Futures. They then travelled to the Cotton Belt’s four major growing regions and met with members of industry organisations including, Cotton Incorporated, the National Cotton Council, USDA, Supima, as well as merchants, cooperatives, and producers in each region.
Korea currently ranks as the sixth largest US cotton importer. The nine Korean companies who participated represented 80 per cent of Korea’s total cotton consumption and US market share with these companies is currently estimated at 53 per cent. It is also important to note that many Korean textile mills also have textile investments outside of Korea, primarily in Vietnam. Those spinning mills in Vietnam are estimated to consume 1,66,000 additional bales of US cotton this year. (GK)
The textile executives observed US cotton production, processing, and marketing and met with US cotton exporters. The STM was an opportunity to provide the nine Korean companies with a better understanding of the US cotton industry and to encourage business relationships with the intention of increasing exports of US cotton in the future.
Do Hyung Lee of Taihan Textile said, “The Special Trade Mission gave us a great opportunity to be assured of the excellent quality of US cotton. After this tour, our company will continue to source primarily from the US.”
The Korean delegation began its tour in New York City with a seminar at ICE Futures. They then travelled to the Cotton Belt’s four major growing regions and met with members of industry organisations including, Cotton Incorporated, the National Cotton Council, USDA, Supima, as well as merchants, cooperatives, and producers in each region.
Korea currently ranks as the sixth largest US cotton importer. The nine Korean companies who participated represented 80 per cent of Korea’s total cotton consumption and US market share with these companies is currently estimated at 53 per cent. It is also important to note that many Korean textile mills also have textile investments outside of Korea, primarily in Vietnam. Those spinning mills in Vietnam are estimated to consume 1,66,000 additional bales of US cotton this year. (GK)
Fibre2Fashion News Desk – India
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