Vietnam’s cotton imports in August 2019 were down 25.6 per cent year on year and 22.8 per cent month on month. From January to August 2019, cotton imports were down 8.2 per cent year on year. In August the export value of textiles and garments was up 6.6 per cent year on year and 2.2 per cent month on month. In the first eight months of 2019, the export value was up 10.2 per cent year on year. In August, Vietnam’s imports of US cotton were up 23 per cent year on year, but down four per cent month on month. From January to August 2019, imports of US cotton were up 16.19 per cent year on year.
But imports of Indian cotton were down 56.29 per cent, imports of Brazilian cotton down 0.67 per cent and imports of Australian cotton down 65.25 per cent. Due to a high product inventory, Vietnamese plants have reduced their demand for cotton. In September, cotton imports may continue to fall.
US cotton exports to Vietnam have increased 294 per cent over the last five years. Vietnam is the largest export market for US cotton. Vietnam has overtaken China to become the largest cotton importer in the world.