July 10, 2020 19:06

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US becomes largest Vietnamese export market over five-month period

19:54 | 01/06/2020

The opening five months of the year has seen the United States become the nation’s leading export market, with export turnover of US$24.6 billion, representing an annual increase of 8.2%

us becomes largest vietnamese export market over five month period
This comes after the US had one of the highest export growth rates last year in comparison to the country’s other export markets, with a 29.1% rise in terms of export growth from 2018, making up 23.2% of the nation’s total exports.

Indeed, the country’s total export and import turnover throughout the reviewed period stood at a figure of US$196.84 billion, representing a 2.8% fall on-year, according to statistics released by the General Statistics

Office.

Total export turnover reached a total of US$99.36 billion, an annual decline of 1.7%, while imports stood at US$97.48 billion, a drop of 4% on-year.

The novel coronavirus has negatively affected many of the nation’s major trading partners, especially with regard to import and export, according to the office.

Elsewhere, Vietnamese exports to China reached a figure of US$16.3 billion, whilst local exports to Japan were at US$8.1 billion, and the Republic of Korea at US$7.7 billion.

During the five-month period, a total of 17 product groups racked up over US$1 billion worth of export value each, including through phones and components, electronics, garment and textiles, machinery, footwear, and vehicles.

However, those that recorded plummeting turnover include telephones and components ( 9%), garments and textiles (15%), footwear (5%), fruit and vegetables (10%), rubber (30%), and pepper (18%).

Source: VOV

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