Exports to US market recover from January decline
VOV.VN - The total trade turnover between Vietnam and the US reached more than US$7.8 billion in February 2023, up 3% year on year, according to the General Department of Vietnam Customs.
Of the total, exports to the US fetched US$6.9 billion, up 6%, while imports from the US fell 14% to US$947 million.
However, the two-month trade turnover between Vietnam and the US fell 20% year on year to just US$14.9 billion. Of the trade turnover, exports to the US nosedived 21% to more than US$13 billion, while imports from the market also dropped 14% to US$1.9 billion.
The downward trajectory was attributed to a sharp fall in the import-export turnover in January.
The past two months saw four export items to the US earn over US$1 billion each. Machinery, equipment, tools and spare parts took the lead, bringing in US$2.5 billion, followed by computers, electronic products and components (US$2.2 billion), textiles (nearly US$2 billion), and phones and components (US$1.6 billion).
Vietnam also earned US$785 million from exporting wood and wood products to the US, US$155 million from seafood, US$92 million from cashew nuts, US$52 million from coffee, and US$28 million from pepper.
Meanwhile, Vietnam mainly imported a number of raw materials for production, including soybeans (US$150), animal feed and raw materials (US$125 million), computers, electronic products and components (US$390 million), plastic materials (US$118 million) and other machinery, equipment, tools and spare parts (US$111 million).