Vietnam becomes largest Southeast Asian exporters to USStaff writer ▼ | March 10, 2015
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.
Export from Vietnam On back of textiles
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. ■