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Imports of cotton growing at breathtaking pace
02
Oct '08
Exports of textiles and garments are increasing at a rapid pace in Vietnam and to keep pace with this growth there has been an corresponding increase in imports of the most vital raw material needed to keep running the engine of its exports; cotton.

Vietnam is able to produce only 2 percent of its annual requirements of cotton and is totally import dependent to feed its ever growing appetite for the white gold due to which it is becoming a most favoured destination for most cotton exporting countries.

The sector imported 171,566 tons of cotton for local production in the period January-July, 2008 totaling to US$ 261.46 million. Import trends indicate that cotton imports are growing faster year-on-year.

In comparison, Vietnam had imported 212,000 tons of cotton, worth US$ 268 million in the whole of 2007, which was also up by 17% in volume and 22.4% in value over 2006.

Within just first seven months of this year, the country is short of just $7 million in surpassing in value , full year figures of the previous year.

During the period, US regained its status as top supplier of cotton to Vietnam when it surpassed India in July because there was a strong drop in imports from India in July. The US was trailing India in the first six months of 2008 in shipments of cotton to Vietnam.

In the first seven months of the current year, imports of cotton from the US reached 57,185 tons valued at $86.77 million in comparison to 63,952 tons and $81.09 million for the full twelve months of the previous year.

India which had topped the cotton exporting country list in the first six months of 2008 had the misfortune of dropping to second place due to a dramatic drop in shipments of cotton in the month of July.

For when matched with 11,391 tons of cotton exported from the US in July, India could manage to export only 622 tons in the same period.

But when corresponded with full year figures of 2007, in the first seven months of 2008, shipments of cotton volume and value wise have already crossed figures of those of 2007 by a very wide margin.

Exports of cotton from India to Vietnam stood at 49,353 tons and $76.11 million in the period under review in comparison to 32,777 tons and $40.17 million for the whole of 2007.

The other cotton supplying countries with major amounts of exports of cotton in the period are Switzerland with 6,426 tons, Taiwan 4,464 tons and UK and Brazil with 3,937 and 3,347 tons respectively.

Click here to veiw detailed import statistics.

Fibre2fashion News Desk - India

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