AsemconnectVietnam - If the average turnover of nearly 9 billion USD/month is maintained as in the first 7 months of the year, by 2023, the import-export turnover between Vietnam and the United States may continue to reach over 100 billion USD.

According to the statistics data from the General Department of Customs, Vietnam - US trade reached the 100 billion USD mark for the first time in 2021 (reaching 111.55 billion USD). Of which, Vietnam's exports to the U.S reached 96.27 billion USD and the country’s imports from the U.S reached 15.28 billion USD.
The United States was Vietnam's second trading partner that reached the trade exchange of 100 billion USD mark after China.
In 2022, despite facing many difficulties due to the impact of the Covid-19 epidemic, Vietnam - US trade still has remarkable growth with a turnover of nearly 124 billion USD.
Notably, with a turnover of 109.44 billion USD, the United States was Vietnam's first export market to reach the 100 billion USD mark. Meanwhile, Vietnam's imports from the United States in 2022 reached 14.47 billion USD.
According to the latest preliminary statistics figures of the General Department of Customs, in the first 7 months of 2023, Vietnam's total export turnover to the United States reached more than 53 billion USD.
Despite a deep decrease compared to the same period last year (down by 20.8%) due to the general impact of the global economic downturn, the United States still accounted for 27.2% of the country's total export turnover and continued to be Vietnam's largest export market.
By the end of July, there were 8 export groups to the United States reaching 1 billion USD or more. In particular, the world's largest economy is the largest market for many key export product groups of Vietnam, such as machinery, equipment, tools, and spare parts with 9.3 billion USD; computers, electronic products and components with 8.75 billion USD; textiles and garments with 8.46 billion USD; and footwear of all kinds with 4.09 billion USD.
In addition, many commodity groups in the agricultural sector also have a turnover of one hundred to hundreds of millions of dollars, such as seafood, vegetables, cashew nuts, and coffee.
On the contrary, the imports of goods from the United States in the first 7 months of the year reached more than 8 billion USD, down by 7.4% over the same period last year, accounting for 4.5% of the country's total import turnover.
Thus, in the first 7 months of the year, the total import-export turnover between Vietnam and the United States reached more than 61 billion USD, equivalent to an average turnover of more than 8.7 billion USD/month.
If the average level of 104 billion USD is maintained, 2023 will be the third consecutive year that trade between the two countries reaches 100 billion USD or more.
The above forecast is completely feasible because normally in the last months of the year, the import and export activities often increase higher than in the first months of the year.
CK
Source: VITIC/ haiquanonline.com.vn