Vietnam-US Trade Turnover Exceeds US$100 Billion for Three Consecutive Years

DNHN - According to preliminary statistics released by the General Department of Customs, in 2023, Vietnam’s exports to the US reached US$97 billion, a decrease of US$12.4 billion compared to 2022. However, this is still Vietnam’s largest export market.

Last year, there were 12 groups of goods exported from Vietnam to the United States with a turnover of US$1 billion or more, including 3 groups of goods worth tens of billions of dollars. Leading the way were machinery, equipment, tools, and spare parts, reaching US$18.2 billion; followed by computers, electronic products, and components, reaching US$17 billion; and textiles and garments ranking third with US$14.47 billion. Other notable export groups include telephones of all kinds and components; wood and wood products; footwear, etc.

On the other hand, US merchandise imports totalled US$13.82 billion in 2023—a drop of almost US$700 million from 2022.

Computers, electronic devices, and components were the only and largest import category to surpass a billion-dollar turnover, coming in at US$3.82 billion.

Additionally, many import categories, including cotton, raw materials and animal feed, machinery, equipment, tools, and replacement parts, had a turnover in the hundreds of millions of dollars.

As a result, the two nations' combined import and export revenue in 2023 was close to US$111 billion. The turnover of commerce between the US and Vietnam has surpassed US$100 billion for the third year in a row.

After China, the US is now Vietnam's second-largest trading partner using US dollars.

The General Department of Customs reports that trade between the US and Vietnam crossed the $100 billion threshold for the first time in 2021, totalling US$111.55 billion. Out of which, Vietnam brought in $15.28 billion in imports and $96.27 billion in exports. Despite the challenges brought on by the COVID-19 pandemic, trade between Vietnam and the US increased significantly in 2022, with a turnover of around US$124 billion.

T.H