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Low profits affect cotton acreage
27 Jun '08
1 min read
Since raw cotton prices have not been generating profit for the farmers there has been a perceivable decline in area of cotton cultivation which has posed a serious challenge for the textile industry of Vietnam.
The Government of Vietnam is taking steps to increase the area under cultivation, to meet the demand of cotton from local textile and apparel industry which has been relying on imported sources for quite some time now.
The local textile and apparel industry imported 72,789 tons of cotton of all types in the first quarter of this year, worth US $106.75 million.
Statistics reveal that the country which initially boasted of having 32,000 ha cotton planting area in 2002-03, is presently finding the area reduced to 8,100 ha in 2007-08 with total production amounting to only 10,000 tons.
Despite cotton prices rising to $0.56 per ton in 2008 from $0.43 per ton in 2007, it still generates lower profits for farmers compared to other cash crops like rice, corn, tobacco etc.
The Government of Vietnam is taking steps to increase the area under cultivation, to meet the demand of cotton from local textile and apparel industry which has been relying on imported sources for quite some time now.
The local textile and apparel industry imported 72,789 tons of cotton of all types in the first quarter of this year, worth US $106.75 million.
Statistics reveal that the country which initially boasted of having 32,000 ha cotton planting area in 2002-03, is presently finding the area reduced to 8,100 ha in 2007-08 with total production amounting to only 10,000 tons.
Despite cotton prices rising to $0.56 per ton in 2008 from $0.43 per ton in 2007, it still generates lower profits for farmers compared to other cash crops like rice, corn, tobacco etc.
Fibre2fashion News Desk - Vietnam
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