Vietnam may replace China as the world’s largest cotton importer
In 2015/16, China’s cotton consumption is expected to be 7.1 million tons, a year-on-year decrease of 5%, marking the sixth consecutive year of decrease. Despite this, China remains the world’s largest consumer of cotton.
In 2015/16, global cotton consumption was 24.1 million tons, a year-on-year decrease of 1%. Due to the increasing demand for cotton yarn in China and the domestic market, India’s consumption has gradually approached that of China. In the past three years, India’s cotton consumption has increased by 27% cumulatively, and is expected to reach 5.5 million tons in 2015/16, a year-on-year increase of 2%. Pakistan’s consumption is expected to be 2.2 million tons, a year-on-year decrease of 12%, Turkey’s consumption is stable at 1.5 million tons, Vietnam and Bangladesh’s consumption is expected to increase by 22% and 13% respectively, reaching 1.1 million tons.
Due to reduced domestic cotton consumption and falling cotton prices, China’s cotton imports are expected to decrease by 40% in 2015/16, to 1.08 million tons. However, if the import rhythm can remain stable, Vietnam may replace China as the world’s largest cotton importer.
In the first four months of 2015/16, Vietnam imported 327,000 tons of cotton, while China only imported 247,000 tons. In 2015/16, Vietnam’s cotton imports are expected to reach 1.1 million tons, a year-on-year increase of 17%. Bangladesh’s imports are expected to be the same as China, at 1.08 million tons, a year-on-year increase of 12%.
Due to low production costs, especially low labor costs, cotton consumption in Vietnam and Bangladesh is currently increasing steadily.
However, unlike the top three consumer countries, Vietnam and Bangladesh produce almost no cotton and must rely on large amounts of imports to meet domestic demand. Vietnam may replace China as the world’s largest cotton importer
AAA
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