Econ
Vietnam's 9-month exports to the US exceed US$35 billion
According to local trade experts, the US will remain Vietnam`s key large and high-potential export market but also a very demanding one.
Vietnam’s export value to the US reached US$35 billion in the first nine months of 2018, an increase of 13.2% year-on-year and accounting for 19.5% of the country's exports, according to statistics of the General Department of Vietnam Customs.
Since the Vietnam-US Bilateral Trade Agreement came into force in 2000, the import - export turnover between Vietnam and the US has been growing at a high rate. While Vietnam’s export turnover to the US was only about US$730 million in 2000, the figure shot up to US$41.6 billion in 2017.
Compared to 2017, Vietnam has seven goods groups with export turnover surpassing US$1 billion in nine months of 2018.
Textiles and garments are the top of export goods to the US with a turnover of $10.33 billion, an increase of 11.6% year-on-year and accounting for nearly 46% of the total export value of Vietnamese goods to that market.
Footwear exports reached US$4.27 billion, up 13.5% year-on-year and accounting for 12.2%.
Phones and accessories in September 2018 reached US$619 million, raising the export value of nine months of 2018 to US$4.12 billion, a sharp increase of 43.6% over the same period last year and accounting for 11.8%.
Wood and wood products in September 2018 reached US$337 million, bringing the export value in the first nine months of 2018 to US$2.73 billion, up 15.7% over the same period last year and accounting for 7.8%.
Exports of computers, electronic products and components in September 2018 reached US$235 million, bringing the export value of nine months of 2018 to US$2.07 billion, down 14.1% year-on-year and accounted for 5.9%.
The remaining two groups that saw export turnover exceed US$1 billion in the first nine months of 2018 were machinery, equipment, spare parts (US$2.34 billion, an increase of 29.6%), and aquatic products (US$1.14 billion, up 9.2%).
Statistics of the General Department of Vietnam Customs showed that the value of US goods imported into Vietnam in the first nine months of 2018 was US$9.55 billion, representing a rise of 36.9% year-on-year and accounting for 5.5% of the total import value of the country.
According to the Ministry of Industry and Trade, the structure of imports and exports between the US and Vietnam has not changed overall. Vietnam mainly exported seafood, textiles, footwear, wood and wood products, computers, electronic products and components, and agricultural products to the US. Meanwhile, it imported machinery, computers, electrical components, cotton, animal food and materials for animal food production, soybeans, machinery, equipment and tools from the American market.
According to local trade experts, the US will remain a key export market for Vietnam in the future. This is a large and high-potential market but also a very demanding one, so local exporters need to improve their competitiveness and cooperate with each other in the supply chains for success in exports to that market.
Since the Vietnam-US Bilateral Trade Agreement came into force in 2000, the import - export turnover between Vietnam and the US has been growing at a high rate. While Vietnam’s export turnover to the US was only about US$730 million in 2000, the figure shot up to US$41.6 billion in 2017.
In the first nine months of 2018, footwear exports to the US market reached US$4.27 billion
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Textiles and garments are the top of export goods to the US with a turnover of $10.33 billion, an increase of 11.6% year-on-year and accounting for nearly 46% of the total export value of Vietnamese goods to that market.
Footwear exports reached US$4.27 billion, up 13.5% year-on-year and accounting for 12.2%.
Phones and accessories in September 2018 reached US$619 million, raising the export value of nine months of 2018 to US$4.12 billion, a sharp increase of 43.6% over the same period last year and accounting for 11.8%.
Wood and wood products in September 2018 reached US$337 million, bringing the export value in the first nine months of 2018 to US$2.73 billion, up 15.7% over the same period last year and accounting for 7.8%.
Exports of computers, electronic products and components in September 2018 reached US$235 million, bringing the export value of nine months of 2018 to US$2.07 billion, down 14.1% year-on-year and accounted for 5.9%.
The remaining two groups that saw export turnover exceed US$1 billion in the first nine months of 2018 were machinery, equipment, spare parts (US$2.34 billion, an increase of 29.6%), and aquatic products (US$1.14 billion, up 9.2%).
Statistics of the General Department of Vietnam Customs showed that the value of US goods imported into Vietnam in the first nine months of 2018 was US$9.55 billion, representing a rise of 36.9% year-on-year and accounting for 5.5% of the total import value of the country.
According to the Ministry of Industry and Trade, the structure of imports and exports between the US and Vietnam has not changed overall. Vietnam mainly exported seafood, textiles, footwear, wood and wood products, computers, electronic products and components, and agricultural products to the US. Meanwhile, it imported machinery, computers, electrical components, cotton, animal food and materials for animal food production, soybeans, machinery, equipment and tools from the American market.
According to local trade experts, the US will remain a key export market for Vietnam in the future. This is a large and high-potential market but also a very demanding one, so local exporters need to improve their competitiveness and cooperate with each other in the supply chains for success in exports to that market.
