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US represents largest export market for Vietnamese products

20:04 | 07/12/2020

Vietnam’s total export turnover during the past 11 months rose 5.5% to US$254.93 billion, with the US becoming Vietnam’s largest commodity consumer, according to the Ministry of Industry and Trade (MoIT).

US represents largest export market for Vietnamese products

A total of 31 commodities enjoyed an export value of over US$1 billion each, making up 92% of total export turnover, says the MoIT.

The processing and manufacturing industries witnessed the highest level of annual growth, earning US$216.35 billion from export, representing a rise of 6.1% on-year.

Strong export growth could also be seen in other commodity groups, including computers, electronic products and components (up 24.3%), machinery, equipment, tools and spare parts (up 44.5%), and timber and wooden products (up 14.1%).

Amid a general increase in trade protectionism globally, a decline in international trade, coupled with the impact of the COVID-19 pandemic, has served to tighten non-tariff barriers.

Despite these challenges, Vietnam has constantly maintained positive export growth, with the US remaining the country’s largest export market.

MoIT statistics showed the US imported Vietnamese goods worth US$69.9 billion over 11 months, representing an annual increase of 25.7%. It was followed by China, the EU, ASEAN, the Republic of Korea, and Japan.

The MoIT says it will continue to strictly monitor the market situation, whilst striving to boost exports, take full advantage of free trade agreement (FTAs), and persify export markets.

Source: VOV