Exports to the US forecast to exceed $100 billion by 2024

08/04/2024 09:55 H. Linh Print article

ANTD.VN - Vietnam-US trade is expected to reach over 100 billion USD in 2024. The US will continue to be Vietnam's largest export market.

Exports to the US are forecast to be optimistic.

According to data from the General Department of Vietnam Customs, after the first 6 months of 2024, Vietnam's exports to the United States reached 55.1 billion USD, an increase of 24% (accounting for 30% of Vietnam's total export turnover), the trade surplus reached 48 billion USD, contributing to Vietnam's total trade surplus of 12 billion USD.

The Vietnam Trade Office in the United States believes that the United States will continue to be Vietnam's largest export market in the last 6 months of the year, with the expectation that total export turnover will reach over 100 billion USD for the third consecutive year in 2024, exceeding the target set at the beginning of the year.

Vietnam's traditional export strengths with improved designs and competitive prices will continue to contribute to growth, such as textiles, footwear, wood products and furniture, electronics, machinery and equipment, etc.

According to the Trade Office, market demand has increased again, products in stock have been used up, and there is "stockpiling" to prepare for possible fluctuations in the period after the 2025 US presidential election, as well as US import demand for Vietnamese products in the coming time when winter and the shopping season are returning.

In particular, after a period of stagnation, wood and wood products have also grown again at an impressive rate in the first 5 months of 2024 (22.9% while other countries grew at an average of 5%).

Vietnam's footwear exports as of May 2024 also reached 3.5 billion USD, an increase of 10.7% over the same period in 2023, ranking second in footwear and handbag exports to the United States and being the only country with an increase among the export powers.

During the discussion between the Trade Office and the US Department of Commerce (DOC), the DOC said it has not yet recorded mandatory regulations related to green standards and regulations applicable to imported goods into the US (including textiles).

Along with the development of trade turnover between the two countries, the United States currently has many barriers for Vietnamese export enterprises, typically trade defense measures through anti-dumping and anti-subsidy investigations and evasion of trade defense tax measures...

As of June 2024, the United States is the country that initiated the most trade defense investigations against Vietnamese exports, with 11 cases. The Trade Office predicts that the number of lawsuits will continue to increase in the coming time.

Source: https://www.anninhthudo.vn/xuat-khau-sang-hoa-ky-du-bao-vuot-100-ty-usd-nam-2024-post585008.antd