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Import prices for cotton spirals in mid August
03
Sep '08
Cotton import price for Vietnam in the period from August 13 and 22 of this year, ranged between US $970 - $1,772 per ton, reflecting a slight increase when compared to the previous week and the same period last year.

The price quoted from US was $1,655 per ton on an average, rising by 0.7 percent over previous week and July this year. Similarly, price quotations from Singapore suppliers stood at $1,635 per ton, marking an increase of 1.4 percent over the previous week.

On the other hand, price quoted from UK, Switzerland and Mali witnessed a stable market situation at $1,630, $1,650, and $1,700 per ton respectively.

In terms of imports, Vietnam purchased about 147,636 tons of cotton worth over $222 in the first half of 2008 for local production, representing a year-on-year increase of 33.7 percent and 63.5 percent respectively. India and the US emerged as two of the largest supplier of the raw material to the country.

This trend of growing cotton imports indicate towards the fact that the textile industry of Vietnam depends heavily on outsourcing, which has over the years, become a pattern being zealously followed by developing enterprises.

However, this can also be taken as a warning since accelerating imports is likely to create and widen the country's trade deficit with various other trading partners which would not be very conducive to the overall development of the domestic economy.

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