Vietnam imported US $ 2 billion worth cotton during the first 8 months of 2018. Thus, the country recorded its biggest ever garment and textile expenditure. Reportedly, out of the total money spent on import of cotton, the total import expenditure from US alone was US $ 1 billion.
The increase in the expenses on import of cotton is attributed to the growing increase in the apparel and textile exports of the country. It is worth mentioning that Vietnam is completely dependent on other countries for cotton. With 4 months to go, the country is expected to purchase cotton worth US $ 3 billion by the end of 2018, which will be an increase of nearly 800 million from what it was in 2017.
Vietnam had earlier revised its yearly export target of apparels and textiles from US $ 34 billion to US $ 35 billion and it seems all set to achieve the revised target without fail. Vietnam has been consistently achieving more than the projected target. In 2017 too, the country exceeded its projected export target (US $ 30 billion) and achieved US $ 31 billion.