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| Vietnam - US trade exceeds 80 billion USD |
According to preliminary statistics from the General Department of Customs, in September, Vietnam’s export turnover to the US reached 8.11 billion USD, thereby increasing export turnover by the end of September to 70.23 billion USD.
Since the beginning of the year, commodity exports to the US have encountered difficulties due to reduction in market demand. Despite a decrease of about 15 billion USD compared to the same period last year, the USD is still Vietnam’s largest export market.
Among the export commodity groups to the US; machinery, equipment, tools, and spare parts enjoyed the largest export turnover with 12.5 billion USD; followed by computers, electronic products and components with 11.82 billion USD; and textile and garment with more than 11 billion USD.
By the end of September, import turnover from the US reached 10.26 billion USD, down about 900 million USD compared to the same period last year.
With the import-export turnover between the two countries totaling nearly 80.5 billion USD in the 9 months, the US continues to be Vietnam’s second largest trading partner.
The Department of European - American Markets under the Ministry of Industry and Trade said that until the end of the year and early 2024, export turnover to the US is forecast to be improved as market demand increases and inventory decreases.
With an average gross domestic product (GDP) growth rate of nearly 7% a year and a population of nearly 100 million people, Vietnam is forecast to be a potential market for US companies operating in all fields./.
