Vietnam-US trade surges in Q1

During the first quarter this year, the US-Vietnam bilateral trade remained at a high growth with 16.5 percent year-on-year growth in total export-import turnover, of which, export growth at 12.3 percent and import growth at 36 percent, according to the Vietnam Commercial Affair in the US.

Particularly, the US-Vietnam two-way trade in Q1 reached over $3.9 billion, of which Vietnam exported $3.1 billion and imported $831 million, according to the US Department of Commerce.

Amongst Vietnam’s key export items to the US, apparel products still fetch the biggest export turnover, reaching $1.3 billion against nearly $1.2 billion of 2009, wooden products and furniture at nearly $393 million, up over 26 percent year-on-year, footwear with over $345 million, down 5.1 percent yoy.

Vietnam’s most import commodities from the US market also increased strongly against last year except steel and iron, components and leather products fell 8.4 percent, 42.8 percent and 98.2 percent respectively.

Waste, industrial waste from food and animal feed saw biggest import spending with $121.7 million, up 575 percent over the same period last year and followed by meat and viscera with $84.6 million, up 10.6 percent year-on-year, machinery, mechanical appliances and spare parts with nearly $77.3 million, up more than 20 percent yoy.

Last year, Vietnam exported nearly $12.3 billion and imported $3.1 billion from the US market.

Thus, the total bilateral trade between the two countries in 2009 reached $15.4 billion, down 2 percent year-on-year.

Vietstock

Tags: Vietnam US cooperation, Vietnam US Trade