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Exports to American nations up 22% in seven months

VGP - Viet Nam gained nearly US$77 billion from exporting to American nations over the first seven months of 2022, up 22 percent on year, according to the statistics of the Ministry of Industry and Trade.

August 11, 2022 3:45 PM GMT+7
Exports to American nations up 22% in seven months  - Ảnh 1.

Of the figure, export value to the U.S. reached US$66.7 billion, an increase of 23.7 percent.

The ministry forecasted that Viet Nam's exports to American nations may exceed US$130 billion by the end of this year, thanks to rapid growth in the trade ties with the U.S. as well as member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in the America including Canada, Mexico and Peru. 

Last year, despite impacts of the COVID-19 pandemic, the Southeast Asian nation's exports to the America rose by 27 percent against 2020, to US$114 billion. The country enjoyed a trade surplus of nearly US$89 billion with the continent. 

The U.S. remained the largest importer of Viet Nam's commodities in 2021 with US$96 billion, an increase of US$21 billion in comparison with 2020. 

Exports to Canada and Mexico achieved US$5.3 billion and US$4.6 billion in 2021, up 75 percent and 100 percent, respectively, compared to the period before the CPTPP entered into force. 

In the first seven months of 2022, the export value to Canada and Mexico saw respective year-on-year growths of 31.5 percent and 14.2 percent, attaining US$3.23 billion and US42.4 billion. 

Since January 14, 2019, the CPTPP has officially come into effect in Viet Nam while the deal has officially become effective since December 30, 2018 for the first six nations approving the agreement, including Mexico, Japan, Singapore, New Zealand, Canada and Australia.