According to preliminary statistics from General Department of Customs, cotton imports of all kinds to Vietnam in May reached 151,803 tonnes 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 this year, Vietnam imported more than 656,000 tonnes of cotton with a value of 1.3 billion USD, up 28.2% in volume and 12.5% in value compared to the same period last year. An average import price reached 1,995 USD/tonne, down 12.2% compared to the same period in 2023.
Brazil is Vietnam's largest cotton supplier with 216,767 tonnes in the first 5 months of this year, equivalent to 443.1 million USD, up sharply by 159% in volume and 112% in value compared to the same period in 2023. Average import price reached 2,044 USD/tonne, down 18.4% compared to the same period.
In May alone, Brazil supplied Vietnam with nearly 62,000 tonnes of cotton, equivalent to 128.2 million USD, up sharply by 402% in volume and 377% in value.
The second largest cotton supplier to Vietnam is the US with 190,765 tonnes, worth more than 400.2 million USD, down 12.3% in volume and 18.7% in value compared to the same period in 2023. An average price reached 2,098 USD/tonne, down 7.3% over the same period.
Ranked third is the Australian market, with 94,017 tonnes 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/tonne.
Vietnam is the third largest cotton importer in the world with a consumption output of 1.5 million tonnes/year. Vietnam is also the world's sixth largest exporter of fiber and the world's third largest exporter of textiles and garments, after China and Bangladesh.
Cotton is 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.
Vietnam Cotton Association said that the global cotton industry is witnessing a significant decline in both production and consumption. The latest report from the US Department of Agriculture (USDA) shows a large reduction in the forecast for global cotton output in the 2023-2024 season and a decrease of 4.2 million bales compared to the previous season. Decreases in output in regions such as West Africa, the US, Greece, Mexico and India have overshadowed the increase in output in Brazil.
Cotton prices have been affected by the prices of alternative materials such as viscose, polyester, and trade policies of countries...According to the International Cotton Council (ICAC), cotton prices are forecast to increase as demand gradually recovers in 2024.

Source: Vitic/ congthuong.vn