Vietnam enjoys trade surplus of US$12.4 billion with the US in Q1

Sunday, 2020-04-26 15:02:21
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The US remains the largest importer of Vietnamese garment & textile products in Q1 2020.
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NDO – Trade revenue between Vietnam and the United States climbed to US$19.5 billion in the first quarter of 2020, with the Southeast Asian country enjoying a trade surplus of US$12.4 billion, according to the General Department of Vietnam Customs.

Specifically, Vietnam exported US$15.95 billion worth of commodities to the US market between January and March, representing a year-on-year increase of 19.9% and accounting for 25.5% of the total value.

Of the export items, six reported revenue of US$1 billion or above, including garments & textiles; phones; computers and electronic products; footwear; wooden products; and machinery, equipment and spare parts.

The US remained the largest importer of Vietnamese garment & textile products in Q1 with a turnover of US$3.3 billion, accounting for 47% of the country’s total garment & textile export revenue. In addition, the US rose to become a leading export market for Vietnamese phones and spare parts with revenue of US$2.67 billion, up 1.1% over the same period last year.

Particularly, Vietnam’s exports of computers, electronic products and spare parts to the US increased by more than twofold year-on-year to approximately US$1.96 billion, making it the second largest importer, behind China only.

During the three-month period, Vietnam spent US$3.55 billion importing goods from the US, up 16.8% year-on-year and making up 6% of the country’s total import revenue.

Computers, electronic products and spare parts were the largest and only group of items that reported a billion-dollar import turnover, at roughly US$1.17 billion.