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Exports Surge Since Bilateral Trade Deal

VIET NAM & US - The bilateral trade agreement between the two countries has increased trade sharply in products including dairy products, eggs and seafood.

Trade between Viet Nam and the US in 2011 was much higher than in 2010, according to statistics released by the US Customs Service on 4 November, reports Intellasia.

Particularly, Viet Nam's exports to the US in the first eight months of this year fetched $11.3 billion, rising 20.6 per cent compared to the same period last year while Viet Nam's import spending from the US was $2.7 billion, a year-on-year rise of 21.5 per cent.

Viet Nam's key export items to the US market included apparel products, footwear, seafood and wooden products. In 2011, the country's export to the US market for items such as engineering, handicrafts, toys, agricultural products, paper and its products increased on year.

The group of garment and textile posted highest export turnover at more than $4.8 billion, up 19 per cent from the previous year. Meanwhile, the group of agricultural products reported the sharpest export growth of 41 per cent on year, and followed by paper and its products at 33 per cent, machinery (29 per cent), footwear (26 per cent) and handicrafts (25 per cent).

Meanwhile, Viet Nam mainly imported machinery, equipment, raw materials and food from the US market, of which cotton group enjoyed the highest increase of 100 per cent, followed by machinery, electrical equipment and spare parts with 80 per cent and plastic and its products with 49 per cent. Milk and dairy products, eggs, natural honey and motor vehicles rose by 30 per cent from the previous year.

the Fish Site Editor

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