Vietnam's export value was estimated at US$200 billion in the first 10 months of 2018, up 14.2 per cent year on year
Basically, Vietnam's major markets did not change significantly from a year earlier, except for stronger growth rates.
Accordingly, the United States remained the largest market for Vietnam, with a total value of US$39 billion, up 12.8 per cent over the same period of last year. Fastest-growing shipments to the world's largest economy included telephones and components (43.7 per cent higher than a year ago), footwear (15.9 per cent) and apparels (13.6 per cent).
The European Union (EU) was the second largest importer of Vietnamese goods worth US$34.9 billion from January to October, which was up 9.9 per cent year on year. Rapidly-growing exports to this region included electronics components (26.5 per cent), apparels and textiles (14.8 per cent) and telephones and components (6.6 per cent).
The third largest market of Vietnam was China with US$32.1 billion in the reviewed period, 21.3 per cent more than a year ago. Among key exports, telephones and components posted the strongest growth of 117.1 per cent, followed by electronics, computers and components that surged 29.3 per cent, and fruits and vegetables that advanced 14.1 per cent.
ASEAN came fourth as the largest export market for Vietnam, spending US$20.6 billion on imports from Vietnam, 14.5 per cent higher than a year earlier. The fast-rising exports included rice (up 132.6 per cent), iron and steel (56.7 per cent) and garments and textiles (38.4 per cent).
Japan and South Korea we re the fifth and sixth largest export markets of Vietnam, with respective values of US$15.3 billion (up 10.6 per cent) and US$15 billion (up 23.5 per cent)
Utilising commitments and incentives from markets with which Vietnam had trade agreements helped Vietnam expand its exports, particularly to key destinations like South Korea, China, the United States and Japan.
Vietnamese merchandise continued to expand traditionalmarkets and seek new markets. In 2017, more than 200 countries and territories had trade relations with Vietnam, with 28 markets having over US$1 billion of trade value, of which five markets brought over US$5 billion for Vietnam and four markets generated over US$10 billion (the United States, China, Japan and South Korea).
Except for the shrinking Chilean market, exports to FTA-signed countries recorded high growth rates from January to September of 2018. FTA-signed markets enjoyed about 40 per cent growth, up from around 35 per cent a year ago.
The export value with the United States topped US$35.02 billion in the first nine months of 2018, which was 13.2 per cent higher than the corresponding period of last year, 3.6 percentage points higher than in the ine-month period of 2017.
Since the Vietnam-United States Bilateral Trade Agreement came into force in 2000, the two-way export value has been on the rise, growing from only US$730 million in 2000 to US$41.6 billion in 2017.
Seven exports, each brought more than US$1 billion in the first nine months of 2018.
Garment and textile was the top export to the United States, bringing in US$10.33 billion in the nine-month phase, 11.6 per cent higher than the value earned in the respective period of 2017 and equal to nearly 46 per cent of Vietnam's export value to the world's largest economy.
Footwear export amounted to US$4.27 billion from January to September, up 13.5 per cent year on year and equal to 12.2 per cent of Vietnam's export value to the US. Telephone generated US$4.12 billion in nine months,representing a sharp increase of 43.6 per cent year-on-year and accounting for 11.8 per cent of Vietnam's export value to the US.
Timber reached US$2.73 billion in the first nine months of 2018, up 15.7 per cent year and components wood products and on year and accounting for 7.8 per cent of the country's total export value to the US.
The export of computers, electronic products and components generated US$2.07 billion in nine months, down 14.1 per cent year on year and equal to 5.9 per cent of the nation's merchandise exports to the US.
Two other billion-dollar exports included machinery, equipment, and parts (US$2.34 billion, up 29.6 per cent) and seafood (US$1.14 billion, up 9.2per cent).
EU (28 countries)
In the first three quarters of this year, Vietnam's merchandise exports to the EU topped US$31.2 billion, an on-year growth of US$2.96 billion, while imports from this market reached US$9.99 billion. Vietnam's trade surplus with the EU amounted to US$ 21.24 billion in just nine months.
Source: General Department of Vietnam Customs
In trade in goods with the EU, Vietnam always runs a huge trade surplus. In some years, the trade surplus EU's exports to Vietnam.
The rising export to the EU was attributed to higher values of key products like computers, electronics and components; and telephones and components. In addition, traditional exports of Vietnam still performed well, including garment and textile, footwear, coffee and seafood.
Particularly, textile and garment exports to the EU reached US$3.03 billion in nine months, up 11.2 per cent year on year. Top EU importers of Vietnamese goods included Germany, Canada, France, the Netherlands and Spain.