US remains Vietnam’s largest importer

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The structure of “US$ billion” commodity groups of total export turnover to the US by the end of July, unit: US$. Chart. Thai Binh

Particularly in the American market, Vietnam's exports to the US amounted to 82.5 percent.According to the latest update about imports and exports by the General Department of Customs, by the end of July, Vietnam’s total export turnover to the US reached US$33 billion, up 27.3 percent over the same period of 2018, accounting for 22.7 percent of the country’s export turnover.

In the past seven months, the world's largest economy was also the dominant export market for most of Vietnam's key commodity groups.

Typically, phones and accessories exported to the US market valued at US$ 4.88 billion, a y-o-y increase of 77.8 percent, computers and electronic products and components reached US$ 2.86 billion, a year on year increase of 84.7 percent.

In addition, for many years, the US has been the largest export market of Vietnam’s textile and garment industry. As of the end of July, the US continued to be the Vietnam’s largest textile and garment import market with a value of US$8.49 billion, up 10.1 percent compared to the same period last year and accounting for 46.1 percent of total textile and garment export turnover.

Along with textile and garment, footwear also had the largest export turnover in the US market with the result of US$3.76 billion, up 14.1 percent over the same period last year and accounting for 36.3 percent of the country’s footwear export turnover.

By the end of July, many commodities exported to the US reached US$1 billion or more or approximately US$1billion.

They included machinery, equipment, tools and spare parts with US$2.48 billion, up 49.6 percent; wood and wood products with US$2.7 billion, up 32.8 percent and means of transport and spare parts with US$932 million, up 26.7 percent.

On the opposite side, in July, Vietnam imported goods from the US with the turnover of US$8.2 billion, up by 7.1 percent compared to the same period of 2018, 5.7 percent of the country’s total import turnover.

By the end of July, Vietnam’s largest import group with significant growth from the US was electronic products and components with US$2.63 billion, up by 49.5 percent.

In addition, Vietnam spent more than US$1.1 billion to import cotton products from the US.

US remains largest importer of Vietnam in seven months The US was the largest importer of Vietnam in the first seven months of 2019 with a ...

In addition to the above two " US$ billion" commodity groups, so far, there are many import groups of Vietnam from the US with turnover of hundreds of million US$ such as machinery, equipment, tools and spare parts; plastic materials; and animal feed.