Vietnam on track to become one of the top trading partners of the United States

Vietnam is on course to replace Britain from its long-held position among the top seven goods trading partners of the United States this year, Bloomberg reported.

According to Census Bureau data, Vietnam's portion of the US merchandise trade increased to 2.7% during the first 10 months of this year, while the UK's share decreased to 2.6%.

The top seven US trading partners, though their relative positions within the group have changed throughout the last nearly 20 years of full-year data, have been Canada, Mexico, China, Japan, Germany, South Korea, and the UK.

Vietnam didn't enter the top-15 list of the bureau until 2019, although it has since risen, finishing the previous year at No. 10. It will be the first time that a majority of the top seven economies are Asian economies if Vietnam maintains its lead over the UK during the last two months of 2022.

The statistics show patterns that both existed before the epidemic and were hastened by it. China's portion of US goods trade, which was 13.2% in October, has been gradually declining since it reached a high of 16.4% on a full-year basis in 2017.

The proportion of US commerce with nations like Mexico and Vietnam has been increasing as American businesses look for suppliers outside of China amid the trade spat between Beijing and Washington.

The General Statistics Office in Hanoi reports that from January to November, overall exports from Vietnam increased by 13.4% compared to the same time the previous year.

Source: Bloomberg