The US remains Viet Nam’s largest export market

VGP – The United States continued to be the largest importer of Vietnamese products in the first 11 months of 2020 with the turnover of US$69.9 billion, up 25.7% year-on-year, followed by China, the European Union, ASEAN, the Republic of Korea, and Japan.

December 08, 2020 5:01 PM GMT+7

According to the Ministry of Industry and Trade (MOIT), Viet Nam’s export revenues were estimated at US$254.93 billion during January-November, representing an increase of 5.5% over the same period in 2019.

The domestic economic sector exported US$73.05 worth of commodities, up 1.6%, while the foreign invested sector (including crude oil) reported an export value of US$181.88 billion, up 7.1% year-on-year.

There were 31 items reporting export turnover of over US$1 billion each, accounting for 92% of the country's total revenue.

Notably, the manufacturing industry registered quite high year-on-year growth in terms of export revenue, contributing significantly to the general growth rate with an estimated value of US$216.35 billion, up 6.1%.

Some items with good export growth rates included computers, electronic products and components (up 24.3%); machinery, equipment, tools and spare parts (up 44.5%); and wood and wood products (up 14.1%).

Positive export growth and record trade surplus in the first 11 months have shown the effectiveness of the Government's performance despite complicated development of the Covid-19 pandemic and disruptive trade and investment around the world./.

By Vien Nhu