Vietnam Jan-May exports to US up 22.3%

Vietnam’s Jan-May exports to the U.S rose 22.3% year-on-year to top $44.4 billion, according to the Vietnam Customs.

Export growth was seen in almost all items, led by the group of computers, electronic products and components with a turnover of nearly $9 billion, up 50% year-on-year and accounting for over 20% of the total.

It was followed by the group comprising machinery, equipment, tools, and spare parts with $7.3 billion, up nearly 11% and making for 16.5% of the total. The third group of textiles and garments recorded an export turnover of $5.6 billion, or nearly 13% of the total.

The export revenues of some products increased rapidly in the past five months, but their proportion of total exports to the U.S. was not very high.

For instance, export of plastics, iron and steel of all kinds, pepper, glass and glass products, and tea recorded robust year-on-year increases of 43.5%, 147%, 53%, 80% and 62%, respectively.

The U.S is currently Vietnam's top export market. Meanwhile, Vietnam has become a major trading partner of the U.S and an important link in the supply chain of many kinds of goods.

Agricultural products, aquatic products and furniture are important export items to the US market.

The U.S. accounted for 28% of Vietnam's exports in 2023, followed by China with 17%. The country's exports to the U.S. increased 24% to $25.7 billion in the first quarter of this year, the General Statistics Office reported.

According to Nikkei, the Q1 figure of Vietnam was the largest among ASEAN members, far ahead of Thailand at $12.6 billion and Singapore at $12 billion.