Vietnam’s exports to the US estimated at USD40 billion this year

Saturday, 29/07/2017 17:09
The Ministry of Industry and Trade (MoIT) has forecast that Vietnam’s exports to the US will hit USD40 billion this year, according to the Industry and Trade newspaper.


In the first half of the year, the figures reached USD19.6 billion, up 9.5 percent annually but lower than the 12.8 percent growth last year, partly due to the US’s slower economic growth.

Statistics from the US’s International Trade Commission showed that in January-May, Vietnam ranked second among countries in terms of export growth to the US, accounting for 8.9 percent, behind Ireland (up 22 percent) and India (up 9 percent) and above China (up 7.1 percent).

Among Vietnam’s top foreign currency earners in the five months, garments rose 6.9 percent, wood and wooden furniture jumped 16.8 percent while footwear rose 13.2 percent.

Earnings from computers, electronics and spare parts were valued at USD1.05 billion in January-May, down 1.5 percent. Cell phone shipments surged 46.7 percent during the period, with a double increase in ASEAN and China and 121 percent and 104 percent rises in India and Mexico, respectively.

Fisheries exports to the US fell by 6.7 percent to USD483.4 million. However, the total exports of the products rose 13.8 percent due to increased shipments to the European Union and China.

Machinery, computers and spare parts exported to the US are mostly made by foreign firms.

Vietnamese exporters to the US face obstacles via technical barriers and thorough food quality and safety requirements.

The MoIT recommended that they devise plans to improve competitiveness and food quality to expand their market share./.

 

CPV/VNA

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