US bilateral trade rises by 21% in first half

HA NOI — Two-way trade between Viet Nam and the US topped over US$10 billion in the first half of this year, surging 21 per cent against the same period last year, according the US International Trade Commission.

During the period, Viet Nam exported goods worth $7.94 billion to the US, a yearly rise of 21.4 per cent, while imports hit $2.07 billion, up 25 per cent year on year.

Textiles and garments remained Viet Nam's leading export item, bringing home $3.04 billion, up 18.5 per cent. Garment exports were followed by footwear with $967.7 million, up 27 per cent, and wood products with $837 million, up 4.5 per cent.

Electric and audio equipment maintained its fourth place with export revenues reaching $403 million while seafood exports earned $332.6 million.

Among the US exports to Viet Nam, cotton, including fibre and fabric, recorded the highest value with $262.2 million, a year-on-year rise of 155 per cent. Second was steel with $132.6 million and next was machinery and mechanical appliances with $186 million.

Earlier, the Viet Nam Trade Office in the US predicted that bilateral trade turnover would increase by 20 per cent, reaching $20 billion by year's end.

Last year, two-way trade hit over $18.3 billion, the record since the two countries set up their diplomatic ties in 1995.

The US market held potential for Vietnamese manufacturers and exporters, but it was also challenging, said Nguyen The Hung, deputy director of the Viet Nam Chamber of Commerce and Industry in HCM City.

Domestic businesses therefore would have to continue to improve production and raise the quality of their products to make them more competitive. They should also keep a close eye on changes in the US market's requirements, Hung said.

August 16, 2011

Source: vietnamnews.vnagency.com.vn