According to the most recent USDA statistics, Vietnam’s cotton consumption in 2020/21 is anticipated to reach a record 7.3 million bales, led by a robust growth in cotton yarn and product exports (USDA). According to a Grain Central research, yarn exports from Vietnam have already broken the previous year’s record by more than 10% in the first 11 months of the marketing year. The majority of exports have been driven by Chinese demand, which accounts for 63 percent of total cotton lint consumption in Vietnam.
From August to June, China’s imports of Vietnamese cotton yarn reached a new record, equivalent to over 4 million bales of cotton lint consumption. In the first 11 months, the United States imported more than $5 billion from Vietnam, a record high. Knitted cotton sweaters, pullovers, and other similar articles of clothing were the most often imported products from Vietnam, accounting for around 30% of total US cotton product imports from Vietnam.