Bilateral trade with US increases by 21%

Ha Noi — Trade turnover between the US and Viet Nam in the first five months of this year reached nearly US$8.3 billion, a year-on-year increase of 21 per cent, according to the July report from the US Census Bureau.

Viet Nam's total exports to the US increased by 21.7 per cent over the same period last year to almost $6.5 billion and US exports to Viet Nam increased by 22 per cent to $1.78 billion.

The top five Vietnamese exports to the US increased turnover. Apparel and clothing accessories retained first place with $2.5 billion, a year-on-year increase of 18.8 per cent. Second was footwear with $787.4 million, up 30 per cent; then furniture and bedding with $683.4 million, up 4.6 per cent.

The top five were followed by electrical machinery, sound recorders and reproducers at $342.3 million, up 16 per cent; and aquatic products at $265.5 million, up 46.6 per cent.

Among US exports to Viet Nam, cotton, including yarns and woven fabrics recorded the highest value of $246.7 million, up 189 per cent over the same period last year.

Second was machinery and mechanical appliances, with $195.2 million, up 8 per cent. Vehicles followed at $161.1 million, up 64 per cent. Sharing fourth place were electrical machinery and equipment, and meat at $105 million.

If US-VN trade turnover in the remaining months of this year retains the present growth rate, trade turnover in 2011 should increase by 10 per cent over last year's $18.3 billion. — VNS

July 16, 2011

Source: vietnamnews.vnagency.com.vn