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Insight | Time: May 16 2019 1:49PM
Vietnam's cotton imports rise by 14.6% y-o-y in Apr, 2019
 
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Vietnam imported 141.2kt of cotton in Apr, 2019, up 14.6% year on year, but down 6% month on month. In Jan-Apr, cotton imports totaled 520.5kt, down 2.3% year on year, the first fall in four years. Based on current growth rate, the imports are forecast to be 1.52 million tons in 2019, down by 37kt from 2018.

1. Cotton imports increase in Apr y-o-y

In 2019, textile industry development continues to see high growth rate in Vietnam, but the growth rate is slower compared to the corresponding period of 2017 and 2018. In Apr, textiles and garments export value reached $2.147 billion, up 1.5% year on year, but down 15.3% month on month. In Jan-Apr, the export value totaled $9.283 billion, an increase of 8.5% year on year. Based on current growth rate, the total export value may approach $33 billion in 2019, an upswing of $2.58billion from 2018.

Vietnam imported 141.2kt of cotton in Apr, 2019, up 14.6% year on year, but down 6% month on month. In Jan-Apr, cotton imports totaled 520.5kt, down 2.3% year on year, the first fall in four years. Based on current growth rate, the imports are forecast to be 1.52 million tons in 2019, down by 37kt from 2018.

2. US cotton imports hit a four-year high in Apr

According to the import structure, the major import sources are US cotton, Brazilian cotton and Indian cotton. In Apr, imports of US and Australian cotton climbed up, while that of Brazilian cotton and Indian cotton declined from Mar. The yearly growth rate of US cotton imports was high, to reach 100kt in Apr, the largest volume in recent four years, mainly because it was the traditional intensive arriving period for US cotton.
Cotton imports of Vietnam and unit prices in Apr, 2019
Origins Volumes (ton) Yearly change Monthly change Unit price (cent/lb)
US 100,492 34% 2% 85.1
Brazil 13,051 80% -18% 82.5
India 7,691 -66% -49% 73.7
Cote d'ivoire 2,672 1% 323% 84
Australia 1,732 34% 28% 92.2
Argentina 931 #DIV/0! 155% 73.5
Indonesia 842 22% -17% 49.5
Pakistan 684 1325% 41% 58.3
South Korea 507 -22% 56% 72.1
Mainland China 227 285% 103% 79.3
Taiwan China 81 -76% 108% 58.6
Other 12,299 -2% -24% 80.5


In Jan-Apr, 2019, imports of US cotton totaled 307.9kt (up 18.79% year on year), that of Indian cotton were 74.8kt (-34.67%), Brazilian cotton 60.2kt (-24.76%), Australian cotton 14.6kt (79.99%).

In Apr, Chinese cotton yarn market sales turned thinner quickly, and buying from China reduced evidently, so Vietnamese spinners have to revise lower the yarn offers after inventory was accumulated. In May, cotton futures dived quickly with the escalation of Sino-US trade. Vietnamese spinners purchased some cotton, but they would not purchase too much feedstock. Among the Vietnam’s textile and garment exports, the export proportion to the US has originally been about 50%, and the expansion slows down this year, so even Vietnam has the intention to export to US instead of export to China, the alternative space is limited.

[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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