News

US imports nearly $US 32 billion from Vietnam

Summary

The growth rate of export to the United States was quite good so it helps the total turnover in 11 months surpass the results for the whole 2017

Updated on : 03-01-2019

 

The movements of import-export between Vietnam and US by the end of November in 2018 and 2017, calculation unit “billion USD”. Sketched by T.Bình.

$US 43,455 billion is the export turnover to the US at the end of November, according to updated information of the General Department of Vietnam Customs.

The United States continues to be Vietnam's largest export market with a share of turnover accounting for 19.4% in the past 11 months.

Notably, the above results not only increased over the same period but also exceeded the billion USD turnover of the whole of 2017 in this market.

If compared to the same period in 2017, the added value reached $US 5.409 billion, while compared to the whole year, the value also exceeded $US 1,864 billion (total export turnover to the US in 2017 reached $US 41,591 billion).

The export growth rate of 14.2% to the US market is a very positive result compared to many recent years and is quite similar to the export growth rate of the whole country (national exports of the whole country in 11 months increased by 14.5%).

By the end of November, there were 10 groups of commodities exported to the US with turnover of $US 1 billion or more.

Currently this market is the largest importer for many key products of Vietnam such as: textiles and garments, seafood, footwear, devices…

Specifically, in the first 11 months of this year, textile and garments reached $US 12.45 billion, increased by 11.8% and accounted for 45% of the total export turnover of this country.

Besides that, machinery, equipment, tools and spare parts reached $US 3.08 billion, increased by 39%; footwear reached $US 5.26 billion, increased by 14.5%, seafood reached $US 1.48 billion, increased by 14.3%, and timber and wood products reached $US 3.5 billion, increased by 18.4%...

Moreover, the value of export surplus of Vietnam to the US continues to remain at a high level.

By the end of November, total import turnover from the US market achieved $US 11.703 billion. Thus, the trade surplus rate of imports to this important partner is up to $US 31.752 billion, increased by over $US 2 billion compared to the same period in 2017.

The result of trade surplus to the US contributed significantly to help Vietnam maintain a trade surplus of over $US 7.4 billion in the first 11 months of 2018.

Source: Customs News