According to a report by Vietnam Investment News on August 31, according to data from the General Administration of Customs of Vietnam, Vietnam imported more than US$2 billion in cotton in the first eight months of 2018, a record high, of which US$1 billion was imported from the United States.
Since Vietnam’s cotton raw materials are 100% dependent on imports, the export price of the textile industry has increased, which has led to an increase in foreign exchange expenditures on imported cotton, with expenditures of US$2.3 billion in 2017.
It is estimated that Vietnam’s textile industry will achieve an export target of US$34-35 billion in 2018, of which export yarn will be approximately US$4 billion, which will inevitably lead to a sharp increase in imported cotton. Cotton imports are expected to reach US$3 billion in 2018, an increase of US$700-800 million compared with 2017. (Title: Vietnam imported more than US$2 billion in cotton in the first eight months)
