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Inward shipments of yarn fall amid growing cotton imports
09
Aug '08
Irrespective of all the hardships faced by the Vietnamese textile and garment industry, the sector is progressing by leaps and bounds. The industry is facing problems on several fronts like rising raw material prices, labour strikes, electricity shortages and many more which would have put any other industry under severe strain and stress.

But, the industry has managed to over come all the obstacles in its progress, whether on production or on the export front and emerged a clear winner from among the textile hubs across the globe.

According to the latest statistics released by the government for the first half of the current year, imports of cotton have jumped by a stupendous 63.52 percent in value and 33.79 percent in volume, yarn has soared by 14.07 percent in value and 1.03 percent by volume, fabric has leaped by 16.74 percent in value and import of other textile products and materials has increased by 15.63 percent.

In the first six months of 2008 the sector imported cotton worth US $222.9 million and 147,636 tons by volume. Corresponding figures for yarn are $397.81 million and 205,894 tons. The value of fabric imported was $2.22 billion and that of other textile products and materials amounted to $1.22 billion.

Corresponding figures for June 2008 reveal that cotton shipped in to the country amounted to 22,711 tons and $35.98 million in value to post a growth of 4.03 percent in volume and 7.55 percent in value compared to May'08. In comparison to June'07, it grew by an impressive 27.7 and 61.02 percent in volume and value respectively.

Imports of yarn, fabrics and other textile materials in June 2008 on the other hand posted negative growth rates compared to May'08 but except of yarn, witnessed positive growth when compared with June'07.

Shipments of yarn in to the country reached 28,810 tons and amounted to $58.52 million to post a de-growth of 15.24 and 12.99 percent by volume and value respectively in comparison to May'08 and again a negative growth of 16.1 percent by volume and 6.09 percent by value in contrast to June'07

Imports of fabric on other hand reached $412.0 million to record a fall of 13.36 and 17.62 percent against comparative figures of May'08 and June'07 respectively. Imports of ancillaries and other textile related products touched $234.20 million in the period under preview to register a loss of 2.26 percent compared to May'08 and a gain of 26.78 percent corresponding to June'07.

High cotton and low yarn imports is a pointer to the fact that the industry has made very good progress in backward integration, along the lines of Bangladesh textile and garment industry which has received massive investments in yarn and fabric processing and in turn has made the RMG sector less dependent on imports of raw materials. This also ensures massive savings of precious foreign exchange for the country.

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Fibre2fashion News Desk - India

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