Vietnam Will Import 19 Percent More Cotton In 2016

Market News

Vietnam Will Import 19 Percent More Cotton In 2016

Vietnam, the world's fifth largest garment exporter, will import 1.2 million tonnes of cotton this year, up about 19% from 2015, to meet rising demand from its textile industry while domestic output is insignificant, an industry official said.

Most of the imported cotton will come from the United States, which has been Vietnam's top supplier of the raw material, followed by India, Brazil and Australia, Vice Chairman Nguyen Son of the Vietnam Cotton and Spinning Association said.

Vietnam's exports of textiles and garments, the country's second biggest cash earner after smart phones, are projected to jump 36% this year to US$ 31 billion, according to the trade ministry.