EU lost its top spot to the US of Vietnam’s largest export market in 2014

Vietnam raked in $28.5 billion from exports to the U.S. in 2014, up 19.6 percent compared with 2013, according to the General Statistics Office of Vietnam (GSO). In particular, the fastest growth rate was seen in such groups as textiles and garments (13.9 percent), footwear (26.1 percent), wood and wooden products (12.8 percent), and electronics, computers and components (45 percent).

The U.S. surpassed the EU to become Vietnam’s biggest export market in 2014, a position which the European bloc had held since 2012. EU market lost its top spot to the U.S. in 2014 with $27.9 billion, a 14.7 percent annual hike.

Top export items with high growth rates included footwear (24.1 percent) and textiles and garments (22.7 percent).

ASEAN ranked third with around $19 billion, up 3.1 percent year on year, with exports of crude oil, fishery and machinery, and equipment and spare parts topping the list of the biggest expansion rates: 15.8 percent, 17.8 percent, and 16.8 percent, respectively.

China in fourth at $14.8 billion, up 11.8 percent year on year, with leading shipments including crude oil and fibers and yarns that saw an annualized growth rate of 76.9 percent and 40.3 percent.

Japan stood in fifth after importing goods worth $14.7 billion from Vietnam, up eight percent over 2013, with high growth rates in textiles and garments (9.3 percent), vehicles and parts (11.1 percent) and machinery, tools and spare parts (19.7 percent).

South Korea followed with $7.8 billion in imports, up 18.1 percent year on year. The biggest growth rates of Vietnamese exports to South Korea were recorded in fisheries (33.9 percent), textiles and garments (30 percent), and telephones and accessories (56.7 percent).

The foreign direct investment sector continued to be the primary exporter in Vietnam. The sector reaped $101.6 billion from shipments in 2014, a 15.2 percent year-on-year rise, while local exporters pocketed $48.4 billion, up 10.4 percent over the previous year.

According to the GSO, Vietnam earned a total of $150 billion in export revenue in 2014, an increase of 13.6 percent compared to 2013. Taking inflation into consideration, the country’s export turnover rose by 9.1 percent year on year.