Trade data compiled by General Department of Viet Nam Customs recorded a steady rise in bilateral merchandise trade between Vietnam and the United States of America (USA) during period of 2010-2018 with annual growth rate of nearly 16.4% on average. Moreover, trade-in-goods value between the two countries grew up nearly 3 times, from USD 18.01 billion recorded in 2010 to USD 60.28 billion reported for 2018.
Vietnam Customs also reported that during this period, the USA was on top three biggest trading partners of Vietnam and was the one with whom Vietnam retained the big trade surplus. For instance, in 2018, trade balance of Vietnam and the USA was in surplus for Vietnam of value USD 34.8 billion, which accounted for 73.2% Vietnam’s total export value to the USA.
According to UNCOMTRADE of United Nation Statistics Division (UNSD), trade-in-goods value of the United States for 2017 totaled USD 4191 billion. In 2017, Vietnam was ranked at 31st place amongst other exporting markets of this country and export value from the USA to Vietnam accounted for 0.5% the USA’s total export of USD 1784 billion. On import side, Vietnam took 12th place amongst other countries exporting goods to the USA with value of USD 48.4 billion, which accounted for 2.0% the USA’s total import value.
On export side: In 2018, the USA was the biggest trading partner importing Vietnamese commodities with total export value of USD 47.5 Billion, 14.3% above the result of 2017.
Vietnam’s main export commodities to the USA in 2018 included: textiles and garments which reached USD 13.7 billion and accounted for 28.8% total export value; foot-wears which reached USD 5.82 billion and accounted for 12.3% total export value; telephones, mobile phones and parts thereof which reached USD 5.41 billion and accounted for 11.4% total export value…
On import side: The USA was 5th trading partner exporting goods to Vietnam in 2018 with total import value of USD 12.8 billion, 36.4% above the performance of the previous year.
Vietnam’s main import commodities originated from the USA in 2018 were inclusive of: computers, electrical products and parts thereof which reached USD 3.1 billion and accounted for 24.3% total import value; cottons which reached USD 5.82 billion and accounted for 11.5% total export value; machines, equipment, tools and instrument which reached USD 1.05 billion and accounted for 8.2% total import value…
According to the latest trade data of Vietnam Customs, total merchandise trade value between Vietnam and the USA for January of 2019 went up 38.1%, to USD 6.23 billion on year-on-year basis. As compared to the corresponding period of 2018, total export value grew by 42.2%, to USD 5.15 billion and total import value expanded by 21.5%, to USD 1.08 billion.