According to Vietnam’s General Department of Customs, in the first 10 months of 2022, the United States is Vietnam’s largest export market with 11 items reaching over one billion USD.

The US has been Vietnam’s largest and most important export market for many years. On the contrary, Vietnam also became one of the North American nation’s major trading partners.

The bilateral turnover between the two countries has increased about 248 times, from 450 million USD in 1995 to nearly 112 billion USD in 2021, despite the impact of the pandemic and the affected supply chain. 2021 was also the first year that trade between the two countries surpassed the 100 billion USD mark.

Export turnover of 11 items to the US reached over one billion USD. (Photo: Internet)

According to the data of the Vietnam General Department of Customs, in the first 10 months of 2022, Vietnam’s exports to the US reached 93 billion USD, up 21% compared to the same period in 2021. On the opposite side, Vietnam’s imports from the US reached 12.3 billion USD, down 4%. Thus, 2022 will be the second consecutive year of Vietnam-US trade of over 100 billion USD.

In terms of exports, Vietnam recorded 11 export items to the US reaching over one billion USD. In particular, the largest exports are machinery, equipment, and spare parts reaching 16.8 billion USD, up 26%; textiles (mainly clothing, knitting, and not knitting accessories) reaching 14.8 billion USD, 16%; computers, electronics, and components reaching 13.2 billion USD, up 26%.

The item with the highest growth was handbags, suitcases, wallets, and umbrellas with +46%, followed by the footwear of all kinds with +40%.

For agricultural and seafood products, while cashew nut exports recorded a decrease of 20%, seafood products increased by 14%. In the first 8 months of 2022 alone, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports to the US reached 618 million USD, accounting for 20% of the total export value of Vietnamese shrimp. With this result, the US became the largest Vietnamese shrimp importer.

In addition to shrimp, the United States is also Vietnam’s largest export market of tuna, accounting for 51% and reaching 374 million USD. For catfish, the US is the second-largest export market (after China), reaching 421 million USD, and accounting for 23%.

On the opposite side, Vietnam mainly imports computers, electronic products, and components (mainly computers, electronic equipment, and recording) reaching 2.9 billion USD, down 27% compared to the same period in 2021. Next, cotton products reached 1.2 billion USD, up 13%; machinery, equipment, tools, and spare parts reached 779 million USD, down 5%.

The vehicles for spare parts transport is the item with the highest growth at +174%, reaching 433 million USD. Followed is chemicals at +173%, reaching 558 million USD./.