Vietnam’s cotton imports surge and textile exports to China grow rapidly
According to statistics from the Ministry of Industry and Trade of Vietnam, Vietnam imported 140,000 tons of cotton in January 2018, with a value of US$244 million, a year-on-year increase of 49.7% and 51.1% respectively. Imports mainly come from the United States, India, Australia, Brazil, and Cote d’Ivoire.
In 2017, Vietnam imported 1.3 million tons of cotton, worth US$2.3 billion. Exports of textiles and clothing are US$31 billion, and exports to China continue to grow. China is one of the top five regions for Vietnam’s textile exports.
Data show that Vietnam’s textile imports from China reached US$9 billion in 2017, accounting for 42.7%, an increase of 12 percentage points year-on-year. This includes more than $6 billion in silk, $2 billion in leather, and $800 million in yarn.
Data from the Vietnam Textile and Clothing Association show that Vietnam’s textile exports to China have grown steadily in recent years, increasing from US$2.2 billion in 2015 to US$3.2 billion in 2017, and will continue to increase in the future. According to the ASEAN Free Trade Area Agreement, China’s textile imports from Vietnam are tax-free, while imports from India and Pakistan are subject to 3-5% tariffs. Vietnam’s cotton imports surge and textile exports to China grow rapidly
AAA
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