Vietnam Exports to the US in Q1 2024 Reach US$25.77 Billion

April 24, 2024 Posted by Vietnam Briefing Written by Melissa Cyrill Reading Time: 2 minutes

Vietnam recorded a significant surge in exports to the US, totaling US$25.77 billion in the initial quarter of the year. This accounted for 27.7 percent of the entire export turnover of the Southeast Asian economy, marking a substantial 24.1 percent increase compared to the corresponding period last year.

Among the notable export items, six surpassed the US$1 billion mark, eight exceeded US$500 million, and 19 exceeded US$100 million. The distinguished “billion-dollar club” comprised computers and electronic products, machinery, textiles, wood products, and footwear.

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Compared to the same timeframe in 2023, 31 out of 36 export items to the US witnessed a surge in turnover. Notably, nine items experienced significant increases of over US$100 million, with one item, namely computers, electronic products, and components, registering an impressive increase of over US$1 billion.

Vietnam’s trade surplus with the US in the first quarter of 2024 soared to US$22.38 billion.

Despite Vietnam’s prominent position as one of the leading exporters to the US, its share in the imports of the world’s largest economy stands at about 3 percent. This indicates substantial untapped growth potential, particularly following the elevation of bilateral ties to a Comprehensive Strategic Partnership last year.

The U.S. and Vietnam have made great efforts to strengthen their relationship in recent years, so the upgrade in the official status of the relationship was well overdue and is a testament to the converging strategic interests as well as trade and investment ties between the two countries. – Kyle Freeman, Partner at Dezan Shira and Associates

The Vietnamese diaspora in the US, numbering over 2.5 million individuals, plays a crucial role as a liaison between Vietnam and the US across various domains, including investment, trade, tourism, and remittances, according to economists.

Furthermore, Vietnam’s exports to the US have reaped benefits from the depreciation of the Vietnamese đồng.

Based on first-quarter-data, forecasts suggest that Vietnam’s exports, imports, and trade surplus activities with the US could heighten to reach US$103 billion, with a trade surplus exceeding US$90 billion in 2024.

READ: Outcomes for Vietnam from Biden’s Visit to Hanoi

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