US market
The news that partners from the US and EU have suspended the import of textiles and garments and many key commodity groups from Vietnam due to the Covid-19 epidemic is attracting great attention from the public, especially the import-export business community. .
This is understandable when these are the largest trading partners of Vietnam, the destination for export goods of tens of thousands of businesses with millions of domestic workers.
First, for the US, for many years, the world's largest economy is also Vietnam's largest export market.
Data from the General Department of Customs shows that in 2019, export turnover to the US market alone reached US$61.35 billion, up 29.1% compared to 2018 and accounting for 23.2 total export turnover of the country. in the last year.
The largest export groups of Vietnam such as textiles, telephones, computers, footwear, furniture, etc. have a presence in the US.
In particular, for many years, the US market has dominated in terms of market share with the group of exported textiles and garments.
For example, in 2019, textile and garment exports to the US reached $14.85 billion, up 8.4% compared to 2018 and accounting for 45.2% of the country's textile and garment export turnover.
In the first months of 2020, in the context of the Covid-19 epidemic raging around the world, the US remained the largest market helping Vietnam's export turnover to have a good growth.
Specifically, updated by the General Department of Customs in the first 2 months of the year, the US market alone reached 10.262 billion USD, accounting for 26.3% of the total export turnover of the country.
This result continues to help the world economy become Vietnam's largest export market. This is also the first market with export turnover of 10 billion USD or more, among more than 200 countries and territories having foreign trade relations with Vietnam.
Compared to the same period last year, export turnover to the US market also increased sharply by 25.7%, equivalent to an increase of nearly 2.1 billion USD.
In particular, the added turnover in this market alone accounted for about 70% of the added turnover and was 3 times higher than the export growth rate of the whole country in the first 2 months of the year (the whole country increased by about 3 times compared to the same period in 2019). billion USD).
Just past the first 2 months of the year, there have been 3 groups of goods exported to the US market with a turnover of 1 billion USD or more, including: Textile and garment; computers, electronic products and components; Phones and components.
In which, textile and garment reached nearly US$2.25 billion, which is Vietnam's largest export group to the US, and this is also the largest export market of the textile and garment group.
Phones and components reached 1.863 billion USD; computers, electronic products and components reached more than 1.2 billion USD.
In terms of turnover and growth rate, computers, electronic products and components had the most impressive breakthrough with a growth rate of 34.5%, equivalent to an increase in turnover of nearly 700 million USD.
In addition to the three groups of "billions of dollars" above, by the end of February, there were many groups of goods exported to the US with a turnover of hundreds of millions of dollars.
Many "billion dollar" markets in the EU
Along with the US, the EU is also an important leading export partner in Vietnam.
In 2019, the total import-export turnover between Vietnam and EU members (28 countries, when the UK had not left the PV bloc) reached 56.39 billion USD, accounting for nearly 11% of the total import and export turnover of the whole country. water last year.
In which, export turnover to the EU reached 41.48 billion USD, although down 1% compared to 2018 but still accounted for 15.7% of the total export turnover of the country. While Vietnam's imports were 14.91 billion USD, up 7.4%, accounting for 5.9% of the country's turnover.
Thus, in trade relations with the EU, our country has a remarkable trade surplus of 26.57 billion USD last year.
Data from the General Department of Customs shows that the markets of the largest export groups of Vietnam have the presence of EU members.
Typically, the largest group of goods is phones and components with a turnover of 12.36 billion USD, although down 7.1% compared to 2018, the EU still accounts for 24% of the export turnover of this group of goods.
The group of computers, electronic products and components reached 5.06 billion USD, also helping the EU to be in the group of the largest export markets.
In addition, a series of large export groups of Vietnam are maintaining a turnover of billions of USD last year in the EU such as: Textile and garment; Footwear; agricultural; machinery, equipment, tools and spare parts…
Within the EU, Germany is Vietnam's largest trading partner and also the largest export market in Europe in general.
By the end of February, Germany was the first export market of Vietnam in the EU and Europe with a turnover of 1 billion USD. While the export turnover in 2019 was 6.555 billion USD, helping Vietnam to have a trade surplus of nearly 3 billion USD.
Source: Thai Binh (Customs Newspaper)
