Vietnam's exports to the US surpass $100 bln

According to the General Department of Customs, the export turnover of products was $29.66 billion in December 2022, an increase of 2.2% over the previous month.

The domestic economic sector increased by 3.2% to $7.63 billion, while FDI (which includes crude oil) increased by 1.9% to $22.03 billion.

The export turnover of products fell by 14% in December compared to the same month the previous year, with domestic economic activity falling by 22.4% and foreign investment, including crude oil, falling by 10.6%.

The total value of products exported in 2022 is expected to reach $371.85 billion, an increase of 10.6% from the previous year.

which the domestic economic sector increased by 6.5% to reach $95.09 billion, accounting for 25.6% of the total export turnover, while the foreign-invested sector (which includes crude oil) increased by 12.1% to $276.76 billion, accounting for 74.4%.

The United States continues to be Vietnam's top export market in 2022, with an anticipated market value of $109.3 billion. Additionally, this is the first export market to date to exceed $100 billion annually.

With a market value of $57.2 billion, China is Vietnam's second-largest export destination behind the United States. In addition, with an estimated annual turnover of $119.3 billion, China is Vietnam's largest import market.

Korea, Japan, and Hong Kong (China) were next, with exports totaling $24.29 billion, $24.23 billion, and $10.9 billion, respectively.

In 2022, Vietnam's estimated trade surplus with the EU was $31.8 billion, up 36.8% from the previous year; its estimated trade surplus with Japan was $836 million (up from a trade deficit of $2.7 billion last year); its estimated trade deficits with China and Korea were $60.9 billion, up 11.5%; and its estimated trade deficit with ASEAN was $13.6 billion, up 10.6%.

Source: Cong Thuong