Vietnam has a trade surplus of nearly 27 billion USD with the US

According to statistics from the General Department of Customs, in the first 10 months of this year, Vietnam exported goods worth 34.5 billion USD to the US market, up 9.6% over the same period. In contrast, the amount of imported goods from the US only reached 7.6 billion USD, up 10.4% over the same period.

The US is Vietnam's largest textile and garment export market. Illustrative photo.

Thus, in the Vietnam-US trade relationship, Vietnam has maintained a trade surplus. The US is also the largest market with which Vietnam has a trade surplus, reaching 26.9 billion USD, an increase of 2.3 billion USD over the same period.

Exports to the US account for nearly 20% of the country's total export value, and this is also Vietnam's largest export market. However, if two-way trade turnover with Vietnam is included, the US ranks third after China and South Korea.

In terms of goods, the US is the largest import market for textiles and leather products from Vietnam. Of which, textile exports to the US reached 10.2 billion USD, accounting for 47.6% of the total textile export value of the country. Footwear exports to the US reached 4.17 billion USD.

In addition, Vietnam also has strengths in exporting agricultural products to the US such as cashew nuts reaching 1.025 billion USD, seafood reaching 1.18 billion USD, wood and some wood products reaching 2.65 billion USD.

The US is also the second largest market for exporting phones and computers with results of 3.2 billion USD and 2.8 billion USD respectively. Exports of machinery, equipment, tools and spare parts to the US also reached over 2 billion USD; Handbags, wallets, suitcases, hats, umbrellas reached 1.145 billion USD; cashew nuts reached 1.025 billion USD.

Vietnam's export turnover to the US in 2016 also reached 38.5 billion USD. With the export growth rate as in the past, it is expected that exports to the US this year will exceed 40 billion USD.

According to VnEconomy