Vietnam reached $ 24 billion trade surplus with the United States

Trade surplus Vietnam and US

In the first nine months of 2017, Vietnam exported $ 24.1 billion to the US. The US is the largest market of Vietnam, and has the highest export surplus after 9 months.

Specifically, export turnover to the United States reached nearly $ 31 billion, import turnover reached $ 6.9 billion. With this result, the trade balance of Vietnam – US reached a surplus of $ 24.1 billion. This was equivalent to 78% of total export turnover of Vietnam to this market. The US has remained the largest market share in Vietnam in the past nine months.

In the past nine months, Vietnam has had eight groups of goods with the export turnover to the US over $ 1 billion. Of which, textiles and garments took the lead with a total turnover of $ 9.25 billion, up 9.5% over the same period last year. Textiles and garments also accounted for nearly 30% of total export value of Vietnamese goods to the US. Next, footwear reached 3.76 billion, up 13.7% and accounted for 12% of value of Vietnamese exports to the US.

Wood and made-from-wood products are also main export items of Vietnam to the US. Total turnover of these items reached $ 2.36 billion, up 18.8% and accounted for 7.6% of the total. Similarly, exporting computers, electronic products and components to the US increased strongly. Export turnover of these items reached $ 2.41 billion and occupied 7.8% of total export value to the US.

Especially, Vietnamese star apple has been licensed to the United States recently. This opened the opportunity to continue increasing export turnover to this country.

This is not the first time Vietnam increasingly exports to this country. Many years back, the United States has been the largest export market of Vietnam. Most recently, in 2016, the total export turnover of Vietnamese goods to this market reached $ 38.45 billion. This was up 14.9% over 2015 and accounted for 21.8% of the total export value.

According to experts, the uptrend of export to the US will remain in the coming time. However, the biggest difficulty for Vietnamese exports to the US is the tendency of protectionism. This protectionism goes through technical barriers, strict standards of quality and food safety. Increasing imported goods control will negatively impact on the export of Vietnam’s fishery products to the United States.

Therefore, Vietnamese export companies have to improve the competitiveness of products, improve quality, meet the requirements of food safety standards to maintain and expand export market share in this market.

Economic experts predict that the export turnover to the US may reach over $ 40 billion in 2017. Also, the US will maintain its position as the largest export market of Vietnam.

Vietnamese source: