Home / Knowledge / News / Textiles / Vietnam is world's fastest-growing market for cotton: USDA
Vietnam is world's fastest-growing market for cotton: USDA
14
Jul '18
Courtesy: USDA/FAS
Courtesy: USDA/FAS
The increase in Vietnam’s yarn exports, particularly to the world’s largest yarn importer – China, has made the country the world’s fastest-growing market for cotton. This has spurred opportunities for greater cotton exports from the US to the Southeast Asian nation, according to the Foreign Agricultural Service of the US department of agriculture (USDA).

“US market share in Vietnam has grown to more than half from around a third in only 3 years. Burgeoning imports of US cotton are expected to underpin Vietnam’s record 2018-19 consumption and to surpass projections for 2017-18 record imports and use,” said the latest USDA report ‘Cotton: World Markets and Trade’.

New and existing foreign investment continues to flow into Vietnam’s spinning mills, due to the country’s low-cost environment relative to Japan and South Korea. As a result, China and other foreign exporters (e.g., India and Pakistan) continue to be displaced as Vietnam’s yarn exports to China practically quintupled compared with 2012-13, signifying the expanding link between these countries’ textile industries.

Vietnam was the leading destination for US cotton exports in 2016-17 (and 2017-18 year-to-date), as cotton was the most valuable US agricultural export to the country during the same period, accounting for over 40 per cent of total agricultural export value. This has continued in 2017-18 as evidence by record US exports to Vietnam from August to June, the report said.

Vietnam’s prowess as the projected second-largest importer in 2017-18 and 2018-19 has helped propel 2017-18 US exports even higher in July 2018, reaching the highest level in over a decade. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 13th Jul 2020

Egypt signs agreement for new spinning factory in Mahalla

The Holding Company for Cotton, Spinning, Weaving and Clothes in...

Pic: Shutterstock

Retail | On 13th Jul 2020

Primark, John Lewis reject govt call on furloughed staff

Primark has rejected the UK government's call to employing back...

Pic: Edcon.co.za

Retail | On 13th Jul 2020

TFG offers to acquire selected Jet stores and assets

TFG, one of the foremost independent chain-store groups in South...

Interviews View All

Headhonchos, Indian textile value chain

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Rajesh Vig & Ritu Vig,

Rajesh Vig & Ritu Vig

Rajesh Vig and Ritu Vig, promoters of the kidswear brand Happy Feet,...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search