Mar 11, 2014 / 16:29

Vietnam, US trade sets new record

The Hanoitimes - The US is now Vietnam’s second largest trading partner with total export-import turnover increasing by 25.8% in the last two months to US$4.9 billion.

According to the General Department of Customs, Vietnam’s export earnings from the US market this year are projected to shoot up 26.5% compared to 2013 and reach US$3.9 billion.

Bilateral trade hit US$29.1 billion in 2013, up 18.8% against 2012, quadrupling the figure recorded in 2005.

Since 2007 the US has been the biggest consumer of Vietnamese goods and the seventh biggest supplier of its products to Vietnam.  

However, Vietnam only accounted for a tiny proportion in the total export and import value of the US (nearly 1%), according to the latest data released by UN Comtrade.

 

From the US perspective, Vietnam ranked in 23rd place among all the exporters to this lucrative market and 40th among all the exporting markets of the US.

Over the years, textiles and garments have topped the list of Vietnamese export commodities to the US with a total value of US$8.6 billion in 2013, accounting for 48% of the country’s total export turnover.

Mobile phone handsets and components exports to the US saw high growth in 2013, a fivefold  increase compared to 2012’s figure.

Other commodities including wood and wooden products, seafood, footwear also contributed significantly to the total export value from Vietnam to the US.

Meanwhile, Vietnam mainly imports machinery and spare parts, computers, electronics and components, cotton, plastics, and soybean from the US.