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Cotton is the most widely used natural fiber in textiles which accounts for one-third of the total fibers manufactured worldwide.
Cotton is well known for its versatility, performance, and comfort, it can be used to create different types of fabrics that are strong, water-absorbent, and comfortable.
Before we delve into the top importing countries of the commodity, let's still take a look at the top consuming nations of the commodity.
The top cotton importing countries are:
- China
- Bangladesh
- Vietnam
- Turkey
- Pakistan
Bangladesh are the largest cotton consumers of the commodity in the world, accounting for more than 65.0 percent of global consumption.
in 2020, China consumes an average of 41,000 bales of cotton making the Asian giants the highest consumer of the commodity on a global scale.
India is the second-highest consumer of the commodity. In 2020, India consumed 25,000 bales of the commodity.
Pakistan's 2020 local consumption of cotton was 10,500 bales which made them the third-highest consuming country.
Bangladesh is ranked the fourth highest consumer of cotton with an average consumption of 8,400 bales in 2020.
The fifth highest consumer of cotton globally is Turkey with 8,200 bales in quantity consumption of the commodity.
Now let's delve into the top importing countries of the commodity.
In 2020, the global purchases of imported cotton cost a total of 41.3 billion dollars. Overall, the value of cotton imported by all importing countries dropped by an average of 7.9 percent since 2016 when cotton purchases were valued at 44.8 billion dollars.
From 2019 to 2020, the value of globally imported cotton decreased by 15.1 percent.
The 5 biggest importers are China, Bangladesh, Vietnam, Turkey, and Pakistan accounted for 51.2 percent which is just over half of the worldwide cotton imports in 2020.
From a continental perspective, Asian countries bought over two-thirds which is 68.2 percent of overall cotton imports.
Smaller percentages of the global total were imported into Europe which is 14.9 percent, Africa which is 7.8 percent, Latin America which is 5.2 percent excluding Mexico but including the Caribbean, North America which accounts for 3.7 percent, and Oceania which accounts for 0.2 percent mainly Australia and New Zealand.
China is the biggest importer of cotton which is 8.3 billion dollars. The most populous country in the world is responsible for 20 percent of imported cotton globally.
The second highest importer of the commodity is Bangladesh with an 11.8 percent stake in the global cotton importation market valued at 4.9 billion dollars.
Vietnam is the third-highest importer of cotton with an importation quantity valued at 4 billion dollars which accounts for 9.8 percent of total global importation.
With a 6.2 percent stake in the cotton import market valued at 2.5 billion dollars, Turkey is the fourth highest importer of the commodity worldwide.
Pakistan is the fifth-highest importer of cotton. In 2020 Pakistan imported 1.4 billion dollars worth of cotton which accounts for 3.4 percent of total global importation.
Other top importers of cotton are Indonesia, the United States, South Korea, Italy, Germany, Hong Kong, and Egypt: $542.1 million, Honduras, Russia, and Portugal.
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Conclusion
Cotton is the most widely used natural fiber in textiles which accounts for one-third of the total fibers manufactured worldwide. China, India, Pakistan, Bangladesh are the largest cotton consumers of the commodity in the world, accounting for more than 65.0 percent of global consumption. The value of globally imported cotton decreased by 15.1 percent from 2019 to 2020. The 5 biggest importers are China, Bangladesh, Vietnam, Turkey, and Pakistan. Asian countries bought over two-thirds which is 68.2 percent of overall cotton imports.
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