Which market supplies the most cotton to Vietnam?

According to preliminary statistics from the General Department of Customs, cotton imports of all kinds to Vietnam in May reached 151,803 tons with a value of more than 246.2 million USD, up 14.3% in volume and 14.2% in value compared to April 2023.

In the first 5 months of the year, our country imported more than 656 thousand tons of cotton with a value of 1.3 billion USD, up 28.2% in volume and 12.5% ​​in value over the same period last year. The average import price reached 1,995 USD/ton, down 12.2% over the same period in 2023.

Brazil is Vietnam's largest cotton supplier with 216,767 tons in the first five months of the year.

Brazil is Vietnam's largest cotton supplier with 216,767 tons in the first 5 months of the year, equivalent to 443.1 million USD, a sharp increase of 159% in volume and 112% in turnover over the same period in 2023. The average import price reached 2,044 USD/ton, down 18.4% over the same period.

In May alone, the American country supplied Vietnam with nearly 62 thousand tons of cotton, equivalent to 128.2 million USD, a sharp increase of 402% in volume and 377% in value.

The second largest cotton supplier to Vietnam is the US with 190,765 tons, worth more than 400.2 million USD, down 12.3% in volume and 18.7% in value compared to the same period in 2023. The average price reached 2,098 USD/ton, down 7.3% over the same period.

Ranked third is the Australian market, with 94,017 tons in 5 months, earning more than 196.9 million USD, down 12.5% ​​in volume and 23.6% in value compared to the same period in 2023. The average import price also recorded a decrease of 12.6%, reaching 2,092 USD/ton.

Vietnam is the world's third largest cotton importer with an annual consumption of 1.5 million tons. Vietnam is also the world's sixth largest fiber exporter and the world's third largest textile exporter, after China and Bangladesh.

Cotton is the input material for Vietnam's fiber and textile industry. According to the Vietnam Textile and Apparel Association (VITAS), domestic cotton output currently only meets about 1% of demand; fiber and yarn about 30%; fabric 20%; supporting industries are underdeveloped.

The global cotton industry is witnessing a significant decline in both production and consumption, according to the Vietnam Cotton Association. The latest report from the US Department of Agriculture (USDA) shows a large reduction in the forecast for global cotton production in the 2023-2024 season, down 4.2 million bales from the previous season. Production declines in regions such as West Africa, the US, Greece, Mexico and India have overshadowed the increase in production in Brazil.

Cotton prices have been affected by the prices of alternative materials such as viscose, polyester, trade policies of countries... According to the International Cotton Association (ICAC), cotton prices are forecast to increase as demand gradually recovers in 2024.

Source: https://congthuong.vn/thi-truong-nao-cung-cap-bong-cho-viet-nam-nhieu-nhat-329291.html