Big trade deficit with US

Two-way trade between Vietnam and the US in 2003 is estimated at around US$5.3 billion increasing about double over 2002 in which Vietnam earned exports of US$4.2 billion and the US earned nearly US$1.2 billion exporting to Vietnam.

Of the main export commodities of Vietnam to the US market, garments and textiles earned US$1.8 billion, up 247% on the 2002 amount was the leading export earner and seafood with US$767.6 million, up 25.8% and others like footwear, crude oil and agricultural products also posted strong increases.

For 2004, Vietnam trade officials based in Washington forecast exports from Vietnam to the United States could reach US$5.5 billion, an increase of 25% over 2003. Of this amount, export earnings from garments and textiles could reach US$2.7 billion, frozen shrimp and agri-products are expected to continue to increase from 8–12%,, other seafood commodities including processed commodities rise from 20% to 25%.

The trade ministry forecasts that total exports in 2004 will reach US$22.4 billion, up 13% on 2003.

 

Category: Economy