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Vietnam achieves trade surplus of USD 12.4 billion with the US in Q1

09:05 | 27/04/2020

Vietnam’s export turnover to the US market in the first three months of 2020 reached USD15.95 million, up 19.9% over the same period last year and accounting for 25.5% of the country’s total value, according to the General Department of Vietnam Customs.    

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US remains the largest importer of Vietnamese garment and textile products.

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, NDO reported.

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.

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