The US is Vietnam's largest export market

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The export turnover to the US accounts for 44.4% of the country's textile and garment export turnover in seven months of the year. Photo: T.Binh.

According to the General Department of Vietnam Customs, Vietnam's total import and export turnover to the US reached over US$ 53 billion.

Despite a deep decrease compared to the same period last year (down 20.8%) due to the general impact of the global economic downturn, the export turnover to the US still accounted for 27.2% of the country's total export turnover, maintaining Vietnam's largest export market.

At the end of July, eight commodity groups' export turnover to the US recorded US$ 1 billion or more.

Notably, the US is Vietnam's largest export market for significant commodity groups such as machinery, equipment, tools, and spare parts with an export turnover of US$ 9.3 billion; computers, electronic products and components at US$ 8.75 billion; textiles at US$8.46 billion; footwear at US$ 4.09 billion.

In addition, the export turnover of agricultural products reached one hundred to hundreds of millions of US$, such as seafood, vegetables, cashew nuts, coffee...

The import turnover from the US in the first seven months fell 7.4% year-on-year to over US$8 billion, accounting for 4.5 % of the country's total import turnover.

The US is Vietnam's second-largest trading partner (after China). 2022, the total bilateral trade turnover between the two countries recorded US$124 billion. Vietnam's exports grew 13.6% year-on-year to US$ 109.39 billion, accounting for 29.5% of the country's total export turnover; Import turnover dropped by 5.2% to US$ 14.47 billion, accounting for 4% of total import turnover.

In 2022, the US will be Vietnam's first export market, with a turnover of US$ 100 billion or more.