Exports to the US increased by more than USD 12 billion over the same period in 2020
The total import-export turnover between Vietnam and the US in the first five months of the year reached nearly USD 44 billion, an increase of more than USD 12 billion over the same period in 2020..
According to the data released by the General Department of Customs, our country's exports reached USD 37.44 billion and imports reached USD 6.44 billion. Currently, the US is the largest export market and the second largest trading partner of Vietnam (after China).
In the first 5 months, export growth to the world's largest economy reached 49% (equivalent to an increase of USD 12.34 billion). In which, there are 6 groups of goods exported to the US with a turnover of USD 1 billion or more.
In which, machinery, equipment, tools and spare parts achieved the most remarkable growth. By the end of May, this category of goods reached a turnover of more than USD 6.75 billion, an increase of 130% over the same period in 2020 and surpassed textiles and garments to become Vietnam's largest export category in this market.
Despite being usurped the No. 1 position, the US is still the largest export market of the textile and garment industry with a turnover of more than USD 6 billion, an increase of 24.2% over the same period last year and accounting for 46.6% of textile and garment export turnover of the country.
Other "billion-dollar" export groups are phones and components; computers, electronic products and components; Footwear; timber and wood products.
For imports, computers, electronic products and components are the only commodity group with a turnover of "billion dollars" by the end of May, only a slight increase of about USD 10 million over the same period in 2020.
An important group of US agricultural products with high import turnover is soybean with a turnover of 611,249 tons with a turnover of USD 335.7 million, an increase of 44% in volume and an increase of 93% in turnover over the same period last year.
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- Taking advantage of incentives to boost export growth to Mexico
- Industrial production index in 2021 is forecast to increase by 6%
- Export turnover to the US reached USD 61.8 billion in eight months of 2021
- Export turnover to the Netherlands and Germany increased in eight months of 2021
- Trade surplus returns in September
- World Bank forecasts Vietnam's GDP to grow 4.8% this year
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- Steel exports hit a record
- Major trade agreements support export growth during the pandemic