Vietnam's export activities to the United States in the first quarter of this year have shown promising results, coupled with favorable trade factors, which could lead to new records in 2024.
In the first three months of the year, Vietnam's export turnover to the United States reached $25.77 billion (accounting for 27.7% of the country's total export turnover) and increased by 24.1% compared to the same period last year.
Vietnam exported to the United States more than 36 commodity groups, including 19 commodity groups with over $100 million, and 8 commodity groups with over $500 million. Particularly, there were 6 commodity groups with over $1 billion, including computers, electronic products, and components; machinery, equipment, tools, and spare parts; electrical products and components; textiles; wood and wood products; footwear.
Compared to the same period in 2023, 31 out of 36 export commodities to the United States saw an increase in turnover, including 9 commodity groups with significant increases (over $100 million), and 1 commodity group with a very high increase (computers, electronic products, and components increased by over $1 billion).
Due to the larger export to the United States than imports from the United States both in scale ($25.77 billion compared to $3.39 billion) and in the growth rate compared to the same period in 2023 (24.1% compared to 11.9%), Vietnam's trade surplus with the United States in the first quarter of this year reached a relatively high level compared to the same period both in absolute scale ($22.38 billion compared to $17.73 billion) and in the trade surplus ratio (86.8% compared to 85.4%).
The United States is the world's largest import market. Although Vietnam is among the top export markets to the United States, it only accounts for about 3% of the country's total imports, indicating a large potential for export to the United States. Moreover, the relationship between the two countries has been upgraded to a Comprehensive Strategic Partnership since 2023, facilitating bilateral trade.
Source: VIETNAM MACRO AND INDUSTRY REPORT/MARCH 2024 - VIETDATA
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