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Corporate Update

Vietnam Powers US Cotton Exports As Global Supplies Tighten

• By  Textile Excellence
• September 30, 2026

Vietnam has emerged as the key engine behind US cotton exports, even as the global cotton market heads into another year of production falling short of consumption.

The United States exported an estimated 12.3 million bales in 2025/26, up 400,000 bales from the previous year. The country accounted for 27% of global cotton exports, slightly below its 28% share in 2024/25 as Brazil continued to expand shipments.

Vietnam leads the buying

Vietnam imported 4 million bales of US cotton during 2025/26, a record driven by higher domestic mill consumption and overall cotton imports. Shipments to Vietnam jumped by 1 million bales.

Higher US exports to Vietnam, India and Bangladesh more than offset declining shipments to several other markets. China continued its retreat as a US cotton buyer, with 2025/26 shipments falling to a fraction of 2023/24 levels.

The trend is continuing into the new season. At the start of 2026/27, US export commitments stood at 4.3 million bales, 30% above the year-earlier level, with Vietnam again the largest buyer.

Global market gets tighter

The US enters 2026/27 with estimated ending stocks of 4.15 million bales, slightly above the previous year. The stocks-to-use ratio has risen to 30%, its highest level in three years, providing some cushion going into the new season.

But globally, the numbers are tighter. World cotton production is forecast at 117.3 million bales, down 300,000, while consumption is expected to remain at 122.9 million bales. That leaves consumption 5.6 million bales above production, forcing major exporters to draw down stocks to meet demand.

Global trade is forecast to rise 400,000 bales to 44.2 million, with Brazil and West Africa supplying more cotton.

For the US, exports are forecast to remain broadly unchanged in 2026/27 despite a smaller crop. The USDA has also raised its projected season-average US farm price by 3 cents to 78 cents per pound.

The message from the numbers is clear: Vietnam is becoming increasingly important to US cotton, while a global production-consumption gap is keeping the market finely balanced.

For the US, exports are forecast to remain broadly unchanged in 2026/27 despite a smaller crop. The USDA has also raised its projected season-average US farm price by 3 cents to 78 cents per pound. The message from the numbers is clear: Vietnam is becoming increasingly important to US cotton, while a global production-consumption gap is keeping the market finely balanced.