Vietnam - US trade increased by 43.5 times

• By :
• Vietnam - US trade

This is the noteworthy information on trade relations between Vietnam and the United States recently informed by the General Department of Vietnam Customs.

Vietnam - US trade increased by 43.5 times.

According to the General Department of Vietnam Customs, from 2000 to 2016, trade between Vietnam - US increased by 43.5 times, from the import-export turnover of $US 1.08 billion in 2000 to $US 47.15 billion in 2016. The average annual growth rate of import-export in this period was 26.6%.

Notably, there were some years of very high growth such as 2002 with an increase of 95%, an increase of 76.6% in 2003 and an increase of 33% in 2007.

In particular, the export growth rate from 2000 to 2016 reached 28.1% per year on average, from $US 732 million in 2000 to $US 38.45 billion in 2016. Remarkably, export growth in 2002 increased by 127.3%, export growth in 2003 increased by 62.7%; export growth increased by 32% in 2006; export growth increased by 14.9% in 2016.

The United States is now Vietnam's largest export market.

Similarly, the growth rate of imports from the US also reached an average of 22.2%, from $US 352 million in 2000 to $US 8.7 billion in 2016.

In particular, in trade relations with this large market, Vietnam has been maintaining an export surplus.

Specifically, the trade balance of Vietnam - US in April 2017 reached a surplus of nearly $US 3.04 billion, thereby bringing the trade balance of Vietnam - US in the first 4 months of 2017 to more than $US 9.42 billion, equivalent to 75.7% of total exports.

Although the import-export turnover of Vietnam and the United States has had the high growth rate for many consecutive years, the proportion of both Vietnam's exports and imports remains modest in the overall picture of foreign trade with the United States.

The General Department of Vietnam Customs cited the UNComtrade data show that total US export turnover in 2016 reached $US 2,450 billion and Vietnam was ranked 12th among the export markets to the United States, accounting for 1.9%. Meanwhile, US exports reached $US 1,453 billion, and Vietnam was the 27th largest import market of the US, accounting for 0.7%.

Meanwhile, according to the latest statistics of the General Department of Vietnam Customs, in April 2017, the export turnover of Vietnam - US reached more than $US 4.57 billion, an increase of 10.7% over the previous month, equivalent to an increase of $US 443 million. By the end of April 2017, the import-export trade turnover reached nearly $US 15.47 billion, an increase of 11% over the same period of 2016, equivalent to an increase of $US 1.55 billion. The Vietnam - US imports and exports now account for 12.3% of Vietnam's total import-export turnover.

In particular, Vietnam's exports to the US by the end of April 2017 reached nearly $US 12.45 billion, an increase of 8.7%, equivalent to more than $US 1 billion, accounting for 20% of total export turnover of Vietnam.

Major export commodities of Vietnam include garment and textiles with an export turnover of $US 3.64 billion, an increase of 5.4% over the same period of 2016; footwear of all kinds reached $US 1.51 billion, an increase of 13.9%; phones and accessories reached $US 1.39 billion, a decrease of 4.9%.

Imported goods from the United States by the end of April 2017 reached more than $US 3.02 billion, an increase of 22% over the same period last year, accounting for 4.7% of the total import turnover of Vietnam.

The main imports from the US included: Computers, electronic products and components with a turnover of $US 894 million, an increase of 43.1%; cotton of all kinds with a turnover of $US 427 million, an increase of 98.6%; machinery, equipment, tools and spare parts with a turnover of $US 277 million, a decrease of 6.9%.

By Thai Binh/ Hoang Anh