U.S. Incurs US$4.78 Bln Trade Deficit with Vietnam in Jan-July
Bilateral trade between Vietnam and the United States was estimated to reach US$6.56 billion in the first seven months of this year, up 23.77 per cent on-year, according to the U.S. International Trade Commission.
Of the total, Vietnam exported up to US$5.67 billion worth of goods with staples of coffee, tea, footwear, crude oil, seafood, apparel, rice and furniture and imported US$889 million worth cotton, power-generating equipment, fertilizers, optical and photo equipment, and vehicles from the U.S.
With these figures, Vietnam witnessed a big trade surplus of US$4.78 billion with the giant economy of the U.S.
This year, Vietnam is forecast to bag around US$10 billion from goods exports to the U.S., up 25 per cent against 2006, according to Nguyen Duy Khien, Vietnamese Trade Counselor to the U.S.
The PNTR passage is hoped to accelerate bilateral trade to US$15 billion in 2010, he added.
The U.S. is now Vietnam’s largest export market while the ASEAN country ranks 38th among countries and territories exporting to the U.S. and 70th among importers of products from the foreign nation.
However, trade experts analyzed that Vietnam will likely suffer trade deficit of up to US$9 billion this year, particularly with its neighboring powerhouse China. (dataweb.usitc.gov)
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