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Cotton import price see a rising trend in mid January
12 Feb '08
2 min read
The Ministry of Industry and Trade (MOIT) recently released a report according to which import price for cotton in the period from January 10 to 19, was quoted at around US $1,426 to $1,545 per ton, representing an increasing trend.
Such boost in prices was largely due to rising trend in the world market as well as low cotton production in US, Australia and Uzbekistan, an official source from MOIT explained.
On the other hand, growing demand of cotton in the textile and garment exporting countries has led to strong hike in the world price, added the source.
In this nine day time period, price quoted at US market was $1,545 per ton, up by 6.3 percent over previous week and augmented by almost 8 percent compared to same period of October 2007.
Cotton price at India and Taiwan also stood at high places quoted at nearly $1,423- 1,437 per ton. The price at Burkina Faso, Singapore and Cameroon was at around $1,520 each ton.
Vietnam has been importing cotton heavily for its local production as it is considered to be one of the key materials for textile and apparel industry. In 2007, the cotton import turnover of the country reached 63.9 thousand tons for $81 million, up by 60.9 and 71.2 percent respectively over 2006.
Such boost in prices was largely due to rising trend in the world market as well as low cotton production in US, Australia and Uzbekistan, an official source from MOIT explained.
On the other hand, growing demand of cotton in the textile and garment exporting countries has led to strong hike in the world price, added the source.
In this nine day time period, price quoted at US market was $1,545 per ton, up by 6.3 percent over previous week and augmented by almost 8 percent compared to same period of October 2007.
Cotton price at India and Taiwan also stood at high places quoted at nearly $1,423- 1,437 per ton. The price at Burkina Faso, Singapore and Cameroon was at around $1,520 each ton.
Vietnam has been importing cotton heavily for its local production as it is considered to be one of the key materials for textile and apparel industry. In 2007, the cotton import turnover of the country reached 63.9 thousand tons for $81 million, up by 60.9 and 71.2 percent respectively over 2006.
Fibre2fashion News Desk - Vietnam
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