US is Vietnam’s biggest export market in Jan-May

Vietnam exported 24.6 billion USD worth of goods to the US in the first five months of the year (Photo: vietnambiz)

The US was Vietnam’s leading export market in the first five months of the year, with export turnover of 24.6 billion USD, an 8.2 percent increase compared to last year.

Last year, the US had one of the highest export growth rates compared to Vietnam's other export markets, with a 29.1 percent increase in export growth compared to 2018, accounting for 23.2 percent of Vietnam’s total exports.

Vietnam's total export and import turnover in the first five months was 196.84 billion USD, a 2.8 percent drop year-on-year, according to the General Statistics Office.

Total export turnover was 99.36 billion USD, a yearly drop of 1.7 percent, while imports reached 97.48 billion USD, down 4 percent year-on-year. 

COVID-19 has affected Vietnam’s main trading partners, hampering exports and imports, according to the office.

Vietnamese exports reached 16.3 billion USD in China, 8.1 billion USD in Japan, and 7.7 billion USD in the Republic of Korea.

In the five-month period, 17 product groups reached over 1 billion USD worth of export valuer each, including phones and components, electronics, garment and textiles, machinery, footwear, and vehicles.

Those with declining turnover were telephones and components (9 percent), textiles (15 percent), footwear (5 percent), fruit and vegetables (10 percent), rubber (30 percent), and pepper (18 percent)./.

VNA