Six product groups enjoy over 1-billion-USD exports to US in Q1

Illustrative image (Source: VNA)

Six groups of products posted an export revenue of over 1 billion USD to the US market in the first quarter of this year, with the group of machinery, equipment, tools and spare parts topping with 3.98 billion USD, according to the General Department of Vietnam Customs.

The group of computers, electronic products and components came second with 3.55 billion USD, followed by garment and textile products 3.04 billion USD, telephones and components 2.34 billion USD, footwear 1.42 billion USD, and wood and wooden furniture nearly 1.4 billion USD.

The department reported that in March, export revenue generated from the US market was 7.75 billion USD, pushing the total in the first three months of this year to 20.76 billion USD, making the US as the largest export market of Vietnam.

At the same time, Vietnam imported over 3 billion USD worth of goods from the US, down about 12% year on year, mostly computers, electronic products and components.

As a result, in the first quarter of this year, Vietnam enjoyed a trade surplus of 17.7 billion USD with the US.

Experts held that in the second quarter, many sectors such as textiles, footwear, and especially wooden furniture will face various challenges in the market due to lower demands as a result of inflation and economic crisis.

Last year, two-way trade reached 123.8 billion USD, with Vietnam’s exports of over 109 billion USD./.