By the end of the first quarter of 2022, Vietnam’s exports have achieved many great achievements. Vietnam has increased its exports to major countries, including the US, India and Australia. This is a good sign for the export sector in Vietnam.
Vietnam’s exports to the US reach $26 billion
The US continues to be Vietnam’s largest export market, accounting for 29.1% of the country’s turnover.
In March, exports to the US reached $9.76 billion. This brought the total turnover in the first quarter to $25.96 billion.
Compared to the same period in 2021, export turnover to the US increased by 16.6%. The world’s largest economy continues to be Vietnam’s largest export market.
In the first quarter, the US market alone accounted for 29.1% of the country’s total export turnover.
By the end of the first quarter, there were 6 groups of goods exported to the US with a turnover of 1 billion USD or more; including machinery and equipment; textile; computers, electronic products and components; Phones and components; Footwear; wood and wood products.
Notably, textile and garment exports to the US reached $4.36 billion, up 24.2% over the same period last year. It accounted for 50.3% of the country’s total export turnover of this commodity group.
The US is also the largest market for key export groups such as machinery and equipment; computers, electronic products and components; Footwear; wood and wood products…
On the other hand, in the first quarter, the whole country spent 3.44 billion USD importing goods from the US, down 8.2% over the same period last year and accounting for 3.9% of the total import turnover of the country.
Vietnam’s exports to Australia rise sharply
Export turnover from Vietnam to Australia in the first three months of 2022 has grown by 32.36% over the same period last year, valued at 1.38 billion USD.
In which, agricultural products and vegetables continued to gain impressive growth, 24% higher than the same period last year.
Specifically, coffee saw an increase of 84% year on year, while seafood export increased by 51%. After strong promotions in 2021, rice continued to grow; even in the context of the country reducing its overall import of rice.
In addition, exports of other strong industrial products of Vietnam to Australia also recorded impressive growth. For examples, iron and steel of all kinds increased by more than 500%, rubber by 41%, electric cables by 26%, plastic products by 26.61%, and computers and components by 28.89%.
At the same time, the largest market in Oceania is becoming solid support for the growing production of Vietnam, as a market providing essential input materials, such as raw materials like coal, iron ore, metals, cotton, wheat and fodder.
Most notably, coal import turnover from Australia into Vietnam after the first three months of 2022 increased by 176% over the same period last year, while cotton imports turnover rose by 333%.
In 2021, two-way trade turnover between Vietnam and Australia hit a record high, surpassing the threshold of 12.4 billion USD for the first time, an increase of more than 49% compared to 2020.
Last year, Vietnam and Australia completed signing the Enhanced Economic Engagement Strategy, which aims to support their shared ambition of making the two countries each other’s top trading partners and doubling two-way investment./.
Source: https://en.dangcongsan.vn/
Vietnam increased exporting to India
In the first quarter of 2022, Vietnam’s exports turnover to India reached US$1.92 billion, up 12.6% over the same period last year.
Over the past time, bilateral trade cooperation between Vietnam and India has increased rapidly from 200 million USD (in 2000) to more than 13 billion USD (in 2021).
Entering the first quarter of 2022, Vietnam’s exports turnover to India reached US$1.92 billion, up 12.6% over the same period last year. In the opposite direction, Vietnam’s imports from India reached 2.05 billion USD. The target of bilateral trade turnover is 15 billion USD for the whole year.
India’s population is about 1.4 billion people with a large market capacity, creating many opportunities for businesses from other countries, including Vietnam. Like other countries, the Indian economy was also heavily affected by Covid-19 but has gradually recovered and regained its growth momentum in 2021 and 2022.
Notably, in the agricultural sector, Vietnam can promote the export of dragon fruit, spices such as cinnamon, anise, pepper, cardamom… to India.
In particular, Indian businesses want to invest in the production of value-added agricultural products in Vietnam. India want Vietnam to export back to the Indian market; due to the very high demand for processed foods in India. Therefore, the two countries still have plenty of room for cooperation in investment and trade.
Contact Vihaba for detailed product information and the best deals for Vietnamese agriculture products.
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