South Korea's textile industry continues to pick up cotton imports to 17,000 tons
As South Korea's textile industry continues to recover, cotton imports saw a notable rise in July this year, reaching 17,000 tons—a 1.9% increase compared to the same period last year. Looking back at the 2009/10 season, total cotton imports hit 220,000 tons, marking the highest level in three years. This trend reflects the growing demand for raw materials in the country’s manufacturing sector.
In terms of the types of cotton being imported, Brazilian cotton remains the top choice, although its volume dropped by 13.9% year-on-year. U.S. and Australian cotton continue to play significant roles in South Korea’s import mix, showing steady demand despite fluctuating global market conditions.
Meanwhile, Pakistan's restrictions on cotton yarn exports have led to a decline in South Korea’s cotton yarn imports from that region. However, this drop has been offset by increased imports from other countries. In the first seven months of this year, the total cotton yarn imports reached 138,000 tons, representing a 28.7% year-on-year growth. Industry analysts are optimistic about the future of the textile sector, expecting further increases in cotton yarn imports as production expands.
On the downside, rising global cotton prices have pushed up the average import cost for Korean cotton to a record high of 88.17 cents per pound in July. The average price for cotton yarn also climbed to 178 cents per pound. With the new year approaching, experts predict that global cotton prices will continue to climb. This could lead to higher costs for South Korean textile manufacturers, squeezing their profit margins. As a result, retailers may face pressure to raise prices on finished goods such as clothing and home textiles, potentially impacting consumer spending.
T&H INTERNATIONAL TRADING LIMITED , https://www.th-globe.com