South Korean media: Vietnam's trade surplus with the U.S. exceeds China’s, ranking first globally!
On September 30, South Korea’s *Herald Economic* published an article stating that Vietnam recorded the world’s largest goods trade surplus with the United States in the first half of this year. This trend is largely attributed to the imposition of high tariffs on Chinese goods by the U.S. and the expansion of production activities by multinational corporations in Vietnam.
According to *The Wall Street Journal*, Vietnam’s goods trade surplus with the U.S. reached $114 billion in the first half of the year, surpassing both Mexico and China.
Imports from Vietnam into the U.S. have also seen significant growth. Total imports amounted to $123 billion in the first half of the year, representing a 40% increase compared to the same period last year. This figure has already exceeded the full-year import target of $114 billion set for 2023.
Divergent tariff rates have played a key role. As of June this year, the effective U.S. tariff rate on Chinese products stood at 23.2%, while the effective rate on Vietnamese products was only 6.5%.
Many companies have shifted their manufacturing bases. Apple, Nike, and other firms have increased production capacity in Vietnam.
The same pattern applies to the electronics and consumer appliances sectors. Firms with operations in Vietnam—such as Samsung Electronics, Intel, and Foxconn—are driving the surge in exports to the U.S.
However, Vietnam is not the largest source of U.S. imports by total volume. By overall import value, Mexico, Canada, and China continue to rank among the top suppliers.
In response, the Vietnam-U.S. Chamber of Commerce noted that the rise in Vietnam’s exports to the U.S. stems from expanded shipments of electronics and household appliances by manufacturers including Samsung Electronics, Intel, and Foxconn.
Original article: toutiao.com/article/1877755664510976/
Disclaimer: The views expressed in this article are those of the author alone.