Six product groups enjoy over US$1 billion exports to US in Q1

Six groups of products posted an export revenue of over US$1 billion to the US market in the first quarter of this year, with the group of machinery, equipment, tools and spare parts topping with US$3.98 billion, according to the General Department of Vietnam Customs.

The group of computers, electronic products and components came second with US$3.55 billion, followed by garment and textile products US$3.04 billion, telephones and components US$2.34 billion, footwear US$1.42 billion, and wood and wooden furniture nearly US$1.4 billion.

The department reported that in March, export revenue generated from the US market was US$7.75 billion, pushing the total in the first three months of this year to US$20.76 billion, making the US as the largest export market of Vietnam.

At the same time, Vietnam imported over US$3 billion worth of goods from the US, down about 12% year on year, mostly computers, electronic products and components.

As a result, in the first quarter of this year, Vietnam enjoyed a trade surplus of US$17.7 billion with the US.

Experts held that in the second quarter, many sectors such as textiles, footwear, and especially wooden furniture will face various challenges in the market due to lower demands as a result of inflation and economic crisis.

Last year, two-way trade reached US$123.8 billion, with Vietnam’s exports of over US$109 billion.

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