According to Fibre2Fashion's market insight tool TexPro, the region accounted for 52.35 per cent of Vietnam's total cotton imports of $456.627 million in the same period. North America and Asia-Pacific were two other major contributors, with a combined share of over 42 per cent of the total import.
The country imported 224.836 million kg of cotton in 2023, when the imports were valued at $415.462 million, with an average price of $1.85 per kg. Vietnam’s cotton imports saw a decrease last year compared to the 304.833 million kg imported in 2022, which had a total value of $607.846 million. The imports have shown a consistent declining trend since 2021 when the trade registered 384.908 million kg ($636.485 million). Previously, Vietnam imported 362.657 million kg ($544.133 million) in 2020 and 234.554 million kg ($380.094 million) in 2019.
As per TexPro, the average price of imported cotton has remained volatile, fluctuating due to changing market conditions and macroeconomic dynamics. The price slightly decreased from $1.99 per kg in 2023 to $1.85 per kg in early 2024. It fell to $1.50 per kg in 2020 from $1.62 per kg in 2019 as COVID-19 impacted economic activities and normal life worldwide. However, it bounced back to $1.65 per kg in 2021 and $1.99 per kg in 2022.
ALCHEMPro News Desk (KUL)
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