US becomes second biggest trade partner
US becomes second biggest trade partner
Two-way trade between Viet Nam and the US increased significantly by 26 per cent to US$4.9 billion over past two months, making US become Viet Nam's second largest trade partner.
The General Department of Customs' statistics revealed that Viet Nam's exports to the US reached estimated $3.9 billion, surging 27 per cent against last year's corresponding period while its import topped $936 million, up 23 per cent.
Bilateral trade fetched $29.1 billion in 2013, representing a yearly rise of 19 per cent or over quadrupling the figure seen in 2005. Of the total, Vietnamese exports contributed to $23.9 billion, a year-on-year growth of 22 per cent.
During the period, textiles and garments remained the Viet Nam's leading export commodity to the market with a turnover of $8.6 billion in 2013, accounting for 36 per cent of the country's total export turnover.
Among other key items included mobile phone and components, which saw a fivefold value increase compared to 2012's figure, wood and wooden products, seafood, and footwear.
Despite these encouraging results, Viet Nam only accounted for a modest proportion in the US total export and import value at nearly 1 per cent, according to the latest data released by UN Comtrade.
From the US perspective, Viet Nam ranked in 23rd place among all the exporters to this lucrative market and 40th among all the exporting markets of the US. Machinery and spare parts, computers, electronics and components, cotton, plastics, and soybean were among Viet Nam's major imports from the country.
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