Vietnam's cotton imports in April exceed the first-quarter average

Abstract: In April 2023, Vietnam's cotton imports increased by 27.9% year on year and 29.9% month on month. Imported yarns increased by 0.8% year on year but decreased by 16.4% month on month. Exported yarns decreased by 1.4% year on year and 4.7% month on month. The net export of yarns decreased by 4.3% year on year but increased by 18.8% month on month. The imports of grey fabrics and finished textiles decreased by 20.7% year on year and 9.6% month on month. Textile and garment exports decreased by 19.4% year on year and 3.3% month on month.

1. Vietnam's cotton imports rise both y-o-y and m-o-m in April

According to statistics, in April 2023, Vietnam imported 124.1kt of cotton, compared to 97.0kt in the same period last year, representing an increase of 27.9% year on year and 29.9% month on month.

2. Vietnam's yarn imports increased y-o-y but declined m-o-m and in April

In April 2023, Vietnam imported 84.3kt of yarn, compared to 83.6kt in the same period last year, representing an increase of 0.8% year on year but a decrease of 16.4% month on month.

3. Vietnam's yarn exports fall both y-o-y and m-o-m and in April

In April 2023, Vietnam exported 144.2kt of yarn, compared to 146.2kt in the same period last year, representing a decrease of 1.4% year on year and 4.7% month on month.

Looking at the countries separately, in April 2023, Vietnam's main yarn exports were to China, South Korea, and the United States. Yarn exports to China amounted to 67,046 tons, accounting for about 46.51% of the total yarn exports; exports to South Korea were 11,133 tons, accounting for 7.72% of total exports, and exports to the US were 9,093 tons, accounting for 6.31% of total exports.

4. Vietnam's net exports of yarn move down y-o-y but move up m-o-m in April

In April 2023, Vietnam achieved a net export of yarns of 59.9kt, compared to 62.6kt in the same period last year, representing a decrease of 4.3% year on year but an increase of 18.8% month on month.

5. Vietnam's grey fabric and textile imports decrease both y-o-y and m-o-m in April

In April 2023, the imports of grey fabrics and finished textiles amounted to $1.151 billion, compared to $1.452 billion in the same period last year, a decrease of 20.7% year on year and 9.6% month on month.

6. Vietnam's textile and garment exports pare back both y-o-y and m-o-m in April

Vietnam's textile and garment exports totaled 2.540 billion US dollars in April 2023, decreasing by 19.4% from the previous year of 3.152 billion US dollars and dropping by 3.3% from the previous month.

Looking at the countries separately, in April 2023, Vietnam's textile and garment were mainly exported to the United States, Japan, and South Korea. Textile and garment exports to the US amounted to $1.122 billion, accounting for about 44.16% of the total exports. Exports to Japan were $270 million, accounting for 10.62% of the total exports, while exports to South Korea were $193 million, accounting for 7.62% of the total exports.

In summary: Vietnam's cotton imports in April 2023 exceeded the average for the first quarter of the year and surpassed the level of the same period last year, but the imports and exports of yarns, imports of grey fabrics and finished textiles, and textile and garment exports were all lower than in March. Due to the current global macro risks and weakening demand in the US and European markets, Vietnam's textile and garment imports and exports may face a series of challenges.