US-Vietnam bilateral trade hits $100.3 bn in Jan-Sept 2024

During the nine-month period, Vietnam’s exports to the United States were worth an estimated $89.4 billion, accounting for 29.8 per cent of the country's total export turnover and rising by 27.4 per cent year on year (YoY), a latest report compiled by Vietnam’s ministry of industry and trade (MoIT) indicates.

The US market is showing signs of stimulating consumption once again, expanding the import and export needs of businesses, the ministry feels, and due to this, the demand for wooden products, seafood and garments and textiles is witnessing a solid upswing.

The United States is also one of the nation’s largest import markets with a turnover of $10.9 billion in the nine months—a rise of 6.2 per cent YoY.

Reasons for this trade growth include a steady bilateral relationship, rising popularity of Vietnamese goods in the US market due to competitive prices and enhanced production capacity of Vietnamese enterprises due to changes in the supply chain and a wave of investment shifts, a Vietnamese media outlet reported citing the Vietnam Trade Office in the United States.

According to Vietnam’s customs authorities, bilateral trade between the two sides reached the $100-billion mark for the first time in 2021, reaching $111.55 billion; exports stood at $96.27 billion and imports $15.28 billion.

Last year’s total import-export turnover between the two countries reached nearly $111 billion.

Fibre2Fashion News Desk (DS)