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Name the 3 largest export markets of Vietnam 

 Tuesday, May 28,2024

AsemconnectVietnam - The United States, China, and the EU are currently the three largest export markets of Vietnam.

The United States continues to be Vietnam's largest export market for goods.
According to the latest data from General Department of Customs, by the end of April 2024, Vietnam's total export turnover reached 123.99 billion USD, an increase of 15.1% (equivalent to an increase of 16.26 billion USD) compared to same period last year.
Notably, the 10 largest export markets all had positive growth including: United States, EU, China, ASEAN, Korea, Japan, Hong Kong (China), India, Canada, Australia. Among them, the three largest markets with the most impressive increases are: the United States, China and EU.
Specifically, total export turnover to the US market in the first 4 months of 2024 reached 34.72 billion USD, an increase of 21.2% (equivalent to an increase of 6.07 billion USD) compared to the same period last year. With the above results, the United States continues to be Vietnam's largest export market.
In the past 4 months, major groups of goods exported to the United States such as: computers, electronic products and components reached 6.8 billion USD, an increase of 43.8%; machinery, equipment, tools and spare parts reached 5.64 billion USD, an increase of 5.7%; textiles and garments reached 4.4 billion USD, up 5.7%; phones and components reached 3.81 billion USD, an increase of 21.8%; wood and wood products reached 2.66 billion USD, an increase of 31.9%; Footwear of all kinds reached 2.4 billion USD, up 14.2%...
In Vietnam Import-Export Report 2023 just announced by Ministry of Industry and Trade, by the end of 2023, Vietnam's exports to the United States reached 97 billion USD, down 11.3% compared to 2022 and accounting for 27.3% of the country's total exports.
In 2023, most of Vietnam's key exports products to this market has negative growth rates (wooden furniture, shoes, clothes, electronic and audio recording machinery and equipment). A few items in top 15 exports with positive growth in turnover are machinery, optical equipment and medical measurement; Automatic data processing and encryption machine; office machines and printers; hand tools, hydraulic pneumatics...
However, this decrease is assessed as temporary and not a major trend in the near future. Vietnam's exports have grown again over the months, showing an expected improvement as the FED has reached the final stage of its interest rate hike cycle; US consumer purchasing power and confidence are increasing again. Vietnam's traditional and strong export products such as textiles, furniture, footwear, and electronics... are assessed to continue to recover with positive export growth rates.
EU market ranked 2nd
Reported data from General Department of Customs shows that, in the first 4 months of 2024, Vietnam's goods exports to EU market reached 16.33 billion USD, an increase of 15.2% (corresponding to an increase of 2.15 billion USD). ).
According to Vietnam Import-Export Report 2023 recently announced by Ministry of Industry and Trade, in 2023, Vietnam's export turnover of goods to the EU reached 43.68 billion USD, down 6.7% compared to 2022. Vietnam's exports of goods to the Netherlands, Spain, Slovakia, and Czech Republic grow positively compared to 2022, while exports to Germany, Belgium, France and Sweden... continue to decrease.
Regarding export products, most of Vietnam's main export products saw a decrease in export turnover to the European market in 2023. However, there are some products that will see positive growth. In export turnover in 2023 compared to 2022: Phones and components reached nearly 6.7 billion USD, an increase of 3%; Iron and steel reached nearly 1.9 billion USD, up 29%; Means of transport and spare parts reached nearly 1.15 billion, up 3.9%; Cashew nuts reached nearly 651 million USD, an increase of 10.3%.
Exports to the Chinese market grew by 13.4%
According to data from General Department of Customs, in the first 4 months of 2024, Vietnam's export of goods to Chinese market reached 17.57 billion USD, an increase of 13.4% (equivalent to an increase of 2.08 billion USD).
Vietnam Import-Export Report 2023 just released by Ministry of Industry and Trade said that in 2023, Vietnam's exports to China reached 61.2 billion USD, an increase of 5.6% and accounting for 17.3% of total exports. Vietnam's main export product groups include: Phones and components (reaching 16.9 billion USD, up 3.7%); computers, electronic products and components (reached 13.1 billion USD, up 9.8%); cameras, camcorders and components (reaching 4.6 billion USD, up 21.8%); fruit and vegetable products (reaching 3.6 billion USD, up 138.7%); other machinery, equipment, tools and spare parts (reaching 3 billion USD, down 18.2%); textile fibers and fibers (reaching 2.3 billion USD, up 6.2%); rubber (reached 2.3 billion USD, down 4.8%); footwear (reaching 1.9 billion USD, up 9.4%); wood and wood products (reached 1.7 billion USD, down 20.6%); seafood products (reached 1.3 billion USD, down 15%); cassava and products from cassava (reached 1.2 billion USD, down 7.7%); textiles and garments (reached 1.1 billion USD, down 6.7%).
In 2023, Vietnam and China have basically controlled Covid-19 pandemic to focus on socio-economic development and restore bilateral activities. Ministries, branches and localities of two countries have implemented very exciting cooperation activities and economic and trade exchanges have gradually been restored as before Covid-19 epidemic.

L. Giang
Source: Vitic/ congthuong.vn
 

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