Exports to the U.S. rise strongly

MONday - 28/06/2010 09:24
HCMC – Export value of Vietnam’s key products saw slight rises and falls in the main markets in the first six months of this year but posted strong growth in the U.S. market.
Exports to the U.S. rise strongly

Exports to the U.S. rise strongly

Data released by the General Department of Customs showed that the nation’s seafood export value was over US$2.8 billion in the first six months, down 1.2% against the same period last year. Exports to the European Union (EU), Japan and South Korea declined 9.5%, 4.1% and 20.3% respectively.
 
However, seafood exports to the U.S. increased 4.2% to US$579 million. The U.S. is the biggest market of Vietnam’s seafood importers, accounting for over 20% of total export value of these products.
 
Similarly, cashew exports to China declined 1.9%, the Netherlands down 2.3% and Australia down 11.8% year-on-year. Cashew export volume to the U.S., the biggest cashew importer of Vietnam, jumped 21% to 34,400 tons.
 
Apparel exports generated nearly US$7.89 billion in the first half, up 15.4% against the previous year. Exports to the U.S. hit  US$3.98 billion, up 14.2% and those to the EU rose 4.9% to US$1.17 billion.
 
Footwear export revenue stood at nearly US$4 billion, up 13.9% year-on-year. The EU market reported a value of US$1.39 billion, up 7.1%, Japan up 15.6% to US$184 million and the U.S. up 20% to US$1.27 billion.
 
Higher demand from the U.S. was the cause of Vietnam’s strong exports to the market. Besides, many U.S. enterprises have been searching to buy Vietnamese goods to diversify supplies and reduce dependence on China.
 
Le Xuan Duong, director of Export Assistance Center under the Vietnam Trade Promotion Agency, said that American enterprises have had a tendency to diversify footwear supplies, dragging China’s market share in the U.S down in recent years. In addition, labor costs in China have increased and are three to four times higher than in Vietnam.
 
Vietnam Leather and Footwear Association (Lefaso) vice chairman Diep Thanh Kiet said that Vietnam has benefited from this change. Besides, footwear exports to the U.S. have seen advantages as importers in the country are expecting benefits from the Trans-Pacific Partnership (TPP).
 
For apparel exports, although total apparel imports of the U.S. has increased slightly, imports from Vietnam posted up the strongest rise.
 
According to the Office of Textiles and Apparel (OTEXA) under the Department of Commerce, imports from China in the first four months hit US$11.4 billion, up 2.4% in value and 2.2% in volume, making up 35.8% of total import revenue. Meanwhile, apparel imports from Vietnam reached US$2.6 billion, up 11.8% and 18% in value and volume respectively, accounting for 8.3% of total imports.

Source: saigontimes

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