COTTON IMPORTS GROW STRONGLY

Vitas said cotton imports were higher than shipments of other materials used by apparel producers in the country in January-May. The import price of cotton in the period went down by 19.6% year-on-year to US$1,593 a ton.

In the year to May, Vietnam had imported 326,000 tons of fiber worth US$638 million, rising 11.2% in volume and 3.5% in value over the first five months of last year. The import price of fiber was US$1,954 a ton, down 6.8% year-on-year.

Vitas projected cotton imports would continue to surge in the third quarter of this year as local apparel companies need more material to turn out products to meet higher demand of importers. Some 62% of local apparel firms reported orders in this quarter have grown over 10% against the first quarter of this year.

Vietnam posted textile and garment exports of almost US$24.5 billion, increasing nearly 16% compared to 2013, according to a report by the Vietnam National Textile and Garment Group (Vinatex). Vietnam’s major export markets were the United States, Europe, Japan and South Korea.

Apparel exports in the first five months of this year went up 8.7% year-on-year to US$8.11 billion, according to the General Department of Customs. Apparel shipments in May alone were US$1.65 billion, up 0.8% year-on-year.

Vinatex expects Vietnam to export US$28-28.5 billion worth of textile and garment products for this year.

Source: The Saigon Times