South Korea's textile industry continues to pick up cotton imports to 17,000 tons
As South Korea's textile industry shows signs of recovery, cotton imports in July this year reached 17,000 tons, marking a 1.9% increase compared to the same period last year. In the 2009/10 season, total cotton imports hit 220,000 tons, the highest level in three years, indicating a strong historical demand for cotton in the country. When looking at the types of cotton being imported, Brazilian cotton remains the top choice, though it saw a 13.9% decline year-on-year. U.S. and Australian cotton also continue to play major roles in South Korea’s import strategy.
Meanwhile, due to Pakistan's restrictions on cotton yarn exports, South Korea’s imports from Pakistan have dropped. However, the country has increased its cotton yarn purchases from other suppliers. For the first seven months of this year, cumulative cotton yarn imports totaled 138,000 tons, reflecting a significant 28.7% rise compared to the previous year. Industry analysts believe that with continued growth in the textile sector, cotton yarn imports are likely to keep rising in the coming months.
On the flip side, global cotton prices have been on the rise, which has led to higher import costs for South Korean buyers. In July, the average cost of imported cotton reached a record high of 88.17 cents per pound, while cotton yarn imports averaged 178 cents per pound. With global cotton prices expected to continue their upward trend into the new year, South Korean textile mills will face increasing input costs. This could put pressure on profit margins for downstream manufacturers and retailers, potentially leading to higher retail prices for clothing and home textiles in the market.
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