The US remained the largest export market of Vietnam with a value of US$35.02 billion during the first nine months of this year, a year-on-year rise of 13.2%, according to the General Department of Vietnam Customs.
Since the Vietnam-US free trade agreement came into effect in at the turn of the millennium in 2000, the bilateral trade value between the two countries has constantly gone up. It increased from US$730 million in 2000 to US$41.6 billion in 2017. It shows the strength of relations and both economies of the two countries.
In the first nine months of this year, seven groups of products exported to the US obtained a value of more than US$1 billion each. Garment topped exported items with a huge value of US$10.33 billion, up 11.3% and accounting for nearly 46% of Vietnam’s total exports to the US showing what a key market it is.
It was trailed by footwear (US$4.27 billion), telephones and components (US$4.12 billion), wood and timber products (US$2.73 billion), computers, electronics and components (US$2.07 billion), machines, equipment and tools (US$2.34 billion) and lastly seafood (US$1.14 billion).
In the opposite direction, Vietnam imported US$9.55 billion worth of products from the US in just nine months, up a remarkable 36.9% against the same period last year and making up 5.5% of the country’s total imports.