The US is still Vietnam’s largest export market despite exports of many key products declining as a result of global economic difficulties and falling consumption demand.
Figures from the General Department of Vietnam Customs show that revenue from products exported to the US in the first ten months of the year was estimated at $79.3 billion, down 15.1 per cent year-on-year.
Exports to the country account for 27.2 per cent of Vietnam’s total value.
Shipments of computers, electronic products, and components to the US rose slightly, by 2 per cent year-on-year, to $13.5 billion, while exports of almost all other key products were down, including phones and components, by 36.4 per cent, textiles and garments 19.3 per cent, footwear 30.8 per cent, and seafood 31.3 per cent.
Analysts believe that as the US is Vietnam’s largest export market, lower consumption in the country results in fewer orders, leading to a sharp decline in overall exports of such products.
The US imported products worth nearly $110 billion from Vietnam last year.