In January 2024, which markets will Vietnam import cotton from?

According to preliminary statistics from the General Department of Customs, Vietnam's cotton imports of all kinds in January 2024 reached 146,365 tons with a turnover of more than 289.7 million USD, up 20.8% in volume and 20.1% in value compared to December 2023. Compared to the same period last year, imports of this item to Vietnam increased sharply by 109.3% in volume and 65.4% in value.

The import price of this item to Vietnam reached 1,979 USD/ton, down nearly 21% compared to the same period in 2023.

Vietnam's cotton imports of all kinds in January 2024 reached 146,365 tons with a turnover of more than 289.7 million USD.

In terms of market, Australia is the largest cotton supplier to Vietnam. Specifically, in January 2024, our country imported 50,436 tons of cotton from Australia with a value of more than 104 million USD, an increase of 72.3% in volume and 37.2% in value compared to January 2023, accounting for 35%.

Vietnam's second largest cotton supplier is Brazil. In January, our country imported 42,854 tons, equivalent to 87.5 million USD, up 84.3% in volume and 43.6% in value over the same period.

The US is the third largest market. In January, cotton imports of all kinds from the US reached 19,217 tons with a turnover of more than 40.6 million USD, up 37% in volume and 38% in turnover compared to the previous month. Compared to January 2023, the US exported nearly 200% more cotton to Vietnam and 166% more in value, accounting for 13%.

The import price of this item from the US in January reached 2,113 USD/ton, down 11.3% in value compared to the same period in 2023.

Vietnam is the world's third largest cotton importer with an annual consumption of 1.5 million tons. As of 2021, Vietnam's cotton imports from the US accounted for 25% of the US's total export volume, making it the world's largest cotton importer.

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.

According to the International Cotton Council (ICAC), the average global cotton fiber price in 2023 is estimated at 68.6 cents/lb, down 9% from the previous year. This is the third consecutive decrease since 2021.

Global cotton consumption is estimated to decrease by 11% to 22.9 million tons in 2023. In addition, cotton prices are also affected by the prices of alternative raw materials such as polyester and viscose, trade policies of countries, etc.

Source: https://congthuong.vn/thang-1-nam-2024-viet-nam-nhap-khau-bong-tu-nhung-thi-truong-nao-305558.html