25 export markets enjoy turnovers exceeding US$1 billion

The General Statistics Office (GSO) identified Vietnam’s six major markets as the European Union (EU), the US, ASEAN, Japan, China, and the Republic of Korea (RoK).

Vietnam’s total export turnover to these markets surpassed US$88 billion, up 19.4 percent against the previous year.

The EU remains Vietnam’s largest export market. Export turnover to the European market has increased continuously in recent years, moving from US$5.52 billion in 2005, to US$10.9 billion in 2008, US$9.4 billion in 2009, US$11.39 billion in 2010, US$16.55 billion in 2011, and US$20.3 billion in 2012

It constitutes 17.7 percent of total export turnover. Compared to 2011, Vietnam’s exports to the EU rose by 22.5 percent, higher than general export growth and growth in the other six foreign markets.

Major export commodities include telephones and components (making up 43 percent of total export turnover); footwear (36 percent); computers, electronics and spare parts (19 percent); and garments and textiles (16 percent).

The EU encompasses six nations with turnovers of more than US$1 billion—Germany, the Netherlands, France, Italy, Spain, and Belgium. The EU endured a difficult 2012, with public debts, a general economic downturn, and high unemployment rates. Vietnam’s high export growth has thus defied the predictions of international and local experts.

Vietnam’s trade surplus with the EU has grown from more than US$2.9 billion in 2005, to over US$5.3 billion in 2008, nearly US$4.1 billion in 2009, over US$5 billion in 2010, US$8.8 billion in 2011, and US$11.2 billion in 2012. Trade with almost all the European region’s markets is dramatically in surplus, especially with Germany, the Netherlands, Italy, Belgium, and Austria.

Vietnam’s export turnover to traditional markets—such as Estonia, Bulgaria, Hungary, Latvia, and Slovenia—remains low (below US$100 million).

Trade with the US, Vietnam’s largest importer, has only increased in the wake of both nations signing bilateral trade agreements and Vietnam joining the World Trade Organisation (WTO)

Vietnam’s exports to the US climbed from just US$170 million in 1995, to US$733 million in 2000, more than US$1 billion in 2001, nearly US$6 billion in 2005, US$14.2 billion in 2010, nearly US$17 billion in 2011, and US$19.6 billion in 2012. Compared to 2011, the country’s US exports increased by 15.6 percent, making up 17.1 percent of Vietnam’s total export turnover.

14 of Vietnam’s US export commodities saw a turnover of more than US$100 million, seven over US$500 million, and four items more than US$1 billion. Major export commodities recording the highest turnover include garments and textiles (making up nearly 50 percent of total export turnover), wood and timber products (38.6 percent), steel (30.9 percent), footwear (30.8 percent), cashew nuts (27.7 percent), seafood (19.5 percent), machines and equipment (19.5 percent), and pepper (14.7 percent).

ASEAN is the third largest importer of Vietnamese goods. The region’s export turnover added 15.1 percent to the country’s total, up 27.2 percent on 2011. Vietnam’s exports to the region hit US$2.62 billion in 2000, over US$5.74 billion in 2005, US$10.37 billion in 2010, US$13.58 billion in 2011, and US$17.3 billion in 2012.

Six of the region’s nations saw export turnovers of more than US$1 billion, including Malaysia, Cambodia, Thailand, Indonesia, Singapore, and the Philippines.

18 items exported to the region earned a turnover of more than US$100 million. Eight items exceeded US$500 million. Vietnam’ has large trade surpluses with Singapore (US$4.2 billion), Thailand (over US$2.8 billion), and Brunei (US$0.52 billion).

Japan is also a major importer of Vietnamese goods, with export turnover expanding from just US$2.58 billion in 2000, to US$4.34 billion in 2005, US$7.73 billion in 2010, US$10.78 billion in 2011, and US$13.1 billion in 2012.

16 of Vietnam’s export commodities to Japan earn more than US$100 million. Five groups have turnovers over US$1 billion, including crude oil, garments and textiles, vehicles, machines, equipment, spare parts, and seafood.

Vietnam’s trade surplus with Japan was US$274 million in 2000, US$266 million in 2005, US$1288 million in 2010, US$1381 million in 2011, and US$1400 million in 2012.

China is another of Vietnam’s major importers, with export turnover reaching US$1.54 billion in 2000, US$3.22 billion in 2005, US$7.74 billion in 2010, US$11.13 billion in 2011, and US$12.2 billion in 2012. It makes up 10.6 percent of total export turnover.

19 commodities earned a turnover over US$100 million while computers, electronics and components, rubber, and crude oil all exceeded US$1 billion.

Vietnam’s export surplus with the country was US$0.14 billion in 2000, US$2.67 billion in 2005, US$12.46 billion in 2010, US$13.47 billion in 2011, and US$16.7 billion in 2012.

The Republic of Korea rounds out Vietnam’s largest export customers with turnovers of US$353 million in 2000, US$664 million in 2005, US$3.09 billion in 2010, US$4.72 billion in 2011, US$5.5 billion in 2012.