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US exports set to meet targets
The country’s target of exporting US$12.3 billion worth of goods to the US this year appears to be within reach.
Trade Counsellor to the US Ngo Van Thoan made the prediction based on the fact that export turnover has reached a level of more than US$10.5 billion in the first 10 months of the year.
Data from the US Department of Commerce showed that by the end of October, trade between the US and Vietnam reached over US$12.8 billion, a year-on-year increase of 27.9 percent.
Vietnam exports to the US accounted for US$10.5 billion of that total, equivalent to the total export value for all of 2007. In October alone, Vietnam earned US$1.24 billion from exports to the US, an 11-percent increase over the previous month.
US exports to Vietnam in the first 10 months of the year rose nearly 70 percent over last year to US$2.3 billion.
Thoan said that as the global economy was sinking deeper into recession, having a negative impact on consumer sales and production orders, the 21.3 percent increase in exports to the US over the same period last year represents a big success.
Vietnam’s exports of garments and textiles to the US topped the list in terms of value, earning the country US$4.47 billion, a year-on-year increase of 22.54 percent.
The American Chamber of Commerce in Vietnam forecast Vietnam would rise up to the second position after China and before Mexico and India in terms of apparel exports to the US market this year.
The chamber estimated that Vietnam’s apparel exports to the US would reach US$5 billion this year, a rise of US$400 million year-on-year.
Exports of wood products and footwear followed apparel at US$1.2 billion and US$1 billion, respectively.
Though earning only US$94 million and US$397 million, paper and electrical products achieved record highs in terms of year-on-year growth rates at 67.8 and 33.4 percent, respectively.
Thoan predicted that in 2009, Vietnam’s exports to the US would rise by 14 percent from 2008.
VOV, VNS
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