Vietnam could become the seventh largest exporter to the US in 2019 if it can maintain the growth rate of 40.2% as in the first quarter.
According to the data announced by the US Bureau of Statistics, in the first three months of 2019, the export speed of goods from Vietnam to the US increased by 40.2% over the same period last year. This is the fastest growth rate among the 12 largest exporters to the US in 2018. Behind Vietnam is Korea with a growth rate of 18.4%. On the other hand, Chinese goods to the US fell 13.9% amid increasing trade tension between the two countries.
If maintaining the growth rate in the first quarter for the rest of 2019, Vietnam could surpass the big ones like France, England, Italy and India to become the 7th largest commodity exporter for the world’s largest economy, with an estimated value of nearly 69 billion USD. Last year, Vietnam ranked 12th with the value of goods exported to the US reached more than 49.2 billion USD.
According to the statistics of the General Department of Customs, in the first 4 months of this year, the US continued to be the largest importer of Vietnamese goods such as textiles and garments with value of 4.42 billion USD, increase by 9.1% compared to the same period last year; footwear (2 billion USD), increase by 13.5%; machinery, equipment, tools and spare parts increase by more than 54% (1.3 billion USD); wood and wood products (1.42 billion USD), increase by 34.7%.
In early May, US President Donald Trump also mentioned that producers could choose Vietnam as a destination after leaving China. According to the Fitch credit rating agency, there were signs that Vietnam could benefit from the impact of trade tension from the flow of trade out of China.
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