Vietnam's 2016 cotton imports seen up 19 pct y/y to 1.2 mln T
Vietnam's 2016 cotton imports seen up 19 pct y/y to 1.2 mln T
Vietnam, the world's fifth largest garment exporter, will import 1.2 million tonnes of cotton this year, an industry official said on Wednesday.
This represents an increase of about 19 percent from 2015. The move is aimed to meet rising demand from its textile industry while domestic output is insignificant
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 told Reuters.
Vietnam's exports of textiles and garments, the country's second-biggest cash earner after smart phones, are projected to jump 36 percent this year to $31 billion, according to the trade ministry.
