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Vietnam becomes largest Southeast Asian exporters to US

Staff writer |
Surpassing Malaysia and Thailand, Vietnam has become the largest exporter to the United States in the Southeast Asian region with a record trade surplus of almost $25 billion (S$34 billion) in 2014.

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According to the US Census Bureau data, trade between the two countries reached $36.3 billion, of which, Vietnam exported $30.6 billion worth of goods to the US while it imported goods worth only $5.7 billion. In 2014, exports were up 24 per cent while imports increased 13.6 per cent compared with the previous year.

Garment and textile exports was the major contributor in the Vietnam climbing to the top with export valued at $10 billion, accounting for one-third of the its total export value. Vietnam’s textile also raised its market share in the US to 9.26 per cent.

Vietnam recorded a trade surplus of $24.9 billion with the US ending 2014, the unprecedented value since the two countries normalised their relations. This is also higher than the previous forecast of a trade surplus of $23.9 billion by the American Chamber of Commerce in Viet Nam (AmCham). In October, AmCham forecast the two-way trade revenue to reach $34.9 billion in 2014, including $29.4 billion from Vietnam's exports to the US.

The United States' reported statistics are also larger than the figures released by the Viet Nam's General Department of Customs. According to the customs department, Viet Nam shipped nearly $28.7 billion worth of goods to the US and imported $6.3 billion from this country, registering a trade surplus of $22.4 billion.

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