Textile exports to the US to reach $9.7b

Friday, May 09, 2014 16:08

Viet Nam's textile and apparel exports will reach US$9.7 billion by 2014, according to a recent report released by the American Chamber of Commerce in Vietnam. — Photo baothaibinh.com.vn

HCM CITY (Biz Hub) — Viet Nam's exports to the US is projected to reach $28.1 billion by 2014, including US$9.7 billion from textile and apparel exports, according to a recent report.

In the report, titled Vietnam–US Trade Status and Outlook 2013–2020, released by the American Chamber of Commerce in Vietnam (Amcham), it has predicted that in 2014, US–Vietnam bilateral trade will reach $33.6 billion and its trade surplus is projected to reach $22.7 billion.

According to the US Department of Commerce, Vietnam is now one of the top three sources for US imports from ASEAN, along with Thailand and Malaysia, and could be the leading exporter in a few years if present trends continue.

Amcham projected that by 2025, Vietnam's textile and apparel import turnover will reach $19.9 billion. The projects are based only on the assumption that present trends will continue, and do not include the expected impact of the Trans-Pacific Partnership (TPP).

It is estimated that Viet Nam's textile and apparel exports to the US under TPP could be as high as $22 billion by 2020.

The report also revealed that Vietnam–US trade in 2013 continued to grow steadily despite continuing domestic and international economic environment. Bilateral trade in goods reached $29.7 billion last year, an increase of almost 20 per cent over 2012.

Last year, Viet Nam's exports to the US were $24.6 billion and its imports from the US were about $5 billion. Vietnam's exports of textiles and apparel accounted for 36% of Vietnam's total exports to the US. — VNS

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