Việt Nam exported US$25.77 billion to the US during the first three months, accounting for 27.7 per cent of the Southeast Asian economy's total export turnover and an increase of 24.1 per cent compared to the same period last year.

 

Of the big-ticket items, six exceeded $1 billion, eight exceeded $500 million and 19 exceeded $100 million. The $1 billion club included computers and electronic products, machinery, textiles, wood products and footwear.

 

Compared to the same period in 2023, 31 out of 36 export items to the US increased in turnover, including nine items with significant increases of over $100 million and one item with a very high increase (computers, electronic products and components) increased by over $1 billion.

 

Việt Nam's trade surplus with the US in the first quarter of 2024 reached $22.38 billion.

 

While Việt Nam ranks among the largest exporters to the US, the Southeast Asian economy accounts for about 3 per cent of the imports to the world's largest economy, leaving a lot of untapped growth potential especially after the two countries elevated their ties to a Comprehensive Strategic Partnership last year.

 

The Vietnamese community living in the US, with over 2.5 million people, has served as a bridge between Việt Nam and the US in various fields such as investment, trade, tourism, and remittances, according to economists.

 

In addition, Việt Nam's exports to the US have benefited from the weaker Vietnamese đồng.

 

Based on the data collected in the first quarter of this year, Việt Nam's exports, imports, and trade surplus activities with the US are forecasted to reach as high as $103 billion, with a trade surplus of over $90 billion in 2024. — VNS