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VietNamNews

Exports to US accelerate this year

Update: September, 20/2013 - 08:46

Employees of seafood exporter Fimex Vietnam process shrimp before exporting to the US market. Viet Nam's trade surplus with the US in the first eight months of this year hit US$11.68 billion. — VNA/VNS Photo An Dang

HA NOI (VNS) — Viet Nam accelerated exports to the US market over the past eight months, resulting in a record trade surplus of US$11.68 billion, according to the General Department of Customs.

Exports rose modestly by 4 per cent year-on-year to $15.14 billion, while imports dropped by 5 per cent to $3.46 billion.

Two-way trade has increased significantly in recent years, especially after Viet Nam joined the WTO in 2007. Despite the negative impact of the global economic recession, trade last year still topped $24.49 billion, more than double the figure recorded in 2007.

Trade surplus with the US jumped from $10 billion in 2010 to $14.8 billion in 2012 thanks to increasing exports of goods such as garments, timber products, seafood and footwear. Key imports from the US are machinery, equipment, tools, computers, electronics and components, cotton, plastic material, animal food and soybeans.

The US is now Viet Nam's second biggest trading partner after China. However, Viet Nam's exports account for only 1 per cent of US imports, with the country ranking 40th out of nations with the greatest export value to the US.

Experts suggested domestic businesses closely obey US market regulations and requirements to minimise the risk of being blocked by anti-dumping and anti-subsidy legislation. — VNS

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