Viet Nam tops ASEAN exporters to US market
Viet Nam tops ASEAN exporters to US market
Viet Nam has become the biggest exporter to the United States in the Southeast Asian region with a record trade surplus of almost US$25 billion in 2014, surpassing even Malaysia and Thailand.
The two-way trade reached $36.3 billion, of which Viet Nam exported $30.6 billion worth of goods to the US in 2014 while its imports were only $5.7 billion, the US Census Bureau data showed.
These figures represented increases of 24 per cent in export and 13.6 per cent in import compared with the previous year.
Ending 2014, Viet Nam enjoyed a trade surplus of $24.9 billion with the US, the highest-ever value since the two countries normalised relations.
Export of garment and textile was the main contributor in the Viet Nam's success with the export value of nearly $10 billion, accounting for one-third of the country's total export value. Vietnamese textile also raised its market share in the US to 9.26 per cent.
This result is also higher than the previous forecast of a trade surplus of $23.9 billion by the American Chamber of Commerce in Viet Nam (AmCham). Last October, AmCham forecast Viet Nam-US two-way trade revenue would likely reach $34.9 billion in 2014, including $29.4 billion from Viet Nam's exports to the US.
The United States' reported statistics are also larger than the figures released by the Viet Nam's General Department of Customs. According to the customs department, Viet Nam shipped nearly $28.7 billion worth of goods to the US and imported $6.3 billion from this country, registering a trade surplus of $22.4 billion.
