US remains largest importer of Vietnam in seven months

The US was the largest importer of Vietnam in the first seven months of 2019 with a turnover of US$32.5 billion, a year-on-year surge of 25.4 percent, according to the Ministry of Industry and Trade.

A production line of tra fish (pangasius) for export in Dong Thap province (Photo: VNA)

A production line of tra fish (pangasius) for export in Dong Thap province (Photo: VNA)

The European Union came second with US$24.3 billion, up 0.4 percent against the same period last year. China followed with US$20 billion, rising 0.1 percent year-on-year.

Vietnam earned US$145.13 billion from shipping goods abroad in the period, a year on year increase of 7.5 percent.

The growth in export value was mainly contributed to by 24 ‘billion dollar’ goods items, which accounted for 88.1 percent of total export revenue. 

Telephones and spare parts were the largest earners with US$27.3 billion, or 18.8 percent, followed by electronics, computers and spare parts, and garment and textiles.

Meanwhile, shipments of vegetables and fruits, coffee and cashew experienced a fall compared to the same time last year. 

Also in the period, Vietnam splashed out US$143.34 billion on imports, up 8.3 percent year on year. Of the sum, some US$60.83 billion was spent by the domestic economic sector, up 12.6 percent, and US$82.51 billion by the foreign-invested sector, growing 5.3 percent.

There were 28 goods items seeing import value of more than a billion USD, making up 85.8 percent of total purchase from foreign countries, including electronics, computers and spare parts, and machines and equipment.  

Most of the goods were bought from China, the Republic of Korea and ASEAN countries.

As a result, the country recorded a trade surplus of US$1.8 billion in the first seven months of the year.

In July alone, the country booked an export value of US$22.6 billion, up 5.5 percent month-on-month, while imported goods worth US$22.4 billion, a rise of 14.9 percent against the previous month.

Vietnamplus

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