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Cotton imports likely to surge further
23
Jun '08
In keeping with the present market scenario, Vietnam is expected to import additional 11.4 percent cotton this year to feed its growing clothing and textile industry.

Import from US is expected to rise to 1.06 million bales in the present year through August.

Textile exports on the other hand is likely to rise by 23 percent to US $9.5 billion, of which $6.1 billion worth goods would be shipped to the US.

Statistics reveal that last year nearly 31 percent of cotton in Vietnam was imported from US which is known to be the largest cotton supplier in the world.

Cotton futures contract for December delivery rose 0.04 cents to touch 80.11 cents, besides, the most-active futures, which rose 0.8 percent this week, have increased 18 percent this year.

Experts believe that this is due to less cotton sown by US farmers who opted for other profitable crops like wheat and soybeans instead.

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