Vietnam’s apparel industry is growing rapidly. With an export growth of 20 percent a year, the sector is expected to generate a turnover of $40 billion by 2020. There has been a large inflow of foreign investments in the country’s textile industry, which has led to an increased demand for cotton.
Mainly exporting to Bangladesh, Pakistan and China, India is the world’s top producer of cotton.
Vietnam may emerge as a major export area for Indian cotton soon after a series of Free Trade Agreements which constitute the Trans-Pacific.
According to US Department of Agriculture’s report, in 2016-17, Vietnam imported 5 million bales of cotton as compared to 4.5 million bales a year before.
Vietnam’s domestic production of cotton meets only one percent of demand. The country needs over 5,00,000 tons of cotton to satisfy the needs of its garment and textile manufacturers.
There was seen a marginal rise in China’s cotton import to 4.5 million bales in 2016-2017, as compared to 4.4 million bales which was a year ago.
Surpassing China, Vietnam in 2015-16 becomes the second-largest importing country after Bangladesh, as China has a huge pile up in their cotton stocks and restrictions on its imports.
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