Vietnam-US Trade Turnover to Exceed US$100 Billion for Second Consecutive Year

The Vietnam-US bilateral trade is expected to surpass US$100 billion.

0
274

Bilateral trade between Vietnam and the United States is anticipated to exceed the US$100 billion mark during the past 10 months of the year, VOV quoted the latest data released by the General Department of Customs.

This marks the second consecutive year that two-way trade turnover has exceeded this milestone.

Vietnam-US Trade Turnover to Exceed US$100 Billion for Second Consecutive Year
The Vietnamese national booth at the exhibition. Photo: baoquocte.vn

During the initial nine months of the year, Vietnamese exports to the US market surged by 23.7% to reach US$85.17 billion compared to the same period from last year.

There were a total of 11 groups of export commodities to the US which had a turnover exceeding US$1 billion, of which four groups raked in revenue of more than US$10 billion, including computers, electronic products and components with US$11.6 billion, as well as phones and components with nearly US$10.1 billion.

Vietnam has become the third largest supplier of coffee to the US over the first eight months of 2022.

The Southeast Asian nation exported 96,530 tonnes of coffee to the US in eight months, gaining US$227.46 million, up 5.2% and 35.9% in terms of volume and value over the same period last year. Vietnam’s coffee market share in the US increased from 6.27% to 6.45%, the VGP cited the source as saying.

Most notably, the group of machinery, equipment, tools and spare parts surpassed the textile and garment category to become the largest export group in the US market, with turnover reaching approximately US$15.1 billion, representing an annual rise of 30.17%.

The garment and textile group ranked second with US$13.87 billion, an increase of 19.36% against the same period from last year.

Furthermore, the US also makes up the leading major market for Vietnamese export items such as timber and wood products, seafood, means of transport and spare parts, toys, sports equipment.

At present, the US is seen as Vietnam’s largest export market, accounting for 30.16% of the country’s total export turnover during the first nine months of the year.

US fruits introduced at MM Mega Market. Photo: VNA
US fruits introduced at MM Mega Market. Photo: VNA

Meanwhile, the country imported goods from the US worth US$11.15 billion in the reviewed period, a decline of US$600 million on-year, with the nation enjoying a trade surplus of US$74.02 billion with the US.

Vietnam reported US$6.52 billion in trade surplus during January – September, according to the General Statistics Office of Vietnam.

Hannah Nguyen