Frequent question: Does the US have a trade deficit with Vietnam?

The U.S. goods and services trade deficit with Vietnam was $68.0 billion in 2020. Vietnam is currently our 10th largest goods trading partner with $89.5 billion in total (two way) goods trade during 2020. Goods exports totaled $9.9 billion; goods imports totaled $79.6 billion.

What is the US trade deficit with Vietnam?

2020 : U.S. trade in goods with Vietnam

Month Exports Balance
October 2020 790.9 -7,153.8
November 2020 818.4 -7,051.6
December 2020 947.7 -5,964.4
TOTAL 2020 9,912.1 -69,706.6

Is Vietnam in a trade surplus or deficit?

Vietnam’s total exports came in at $336.31 billion, while its imports rose 26.5% to $332.23 billion, resulting in a trade surplus of $4.08 billion, the Customs Department said in a statement.

What 5 Nations does the US have the biggest trade deficit with?

Year-to-Date Deficits

Rank Country Deficit
2 Mexico -9.6
3 Vietnam -9.1
4 Canada -7.6
5 Japan -6.1

Does the US have free trade with Vietnam?

After the Vietnam War ended in 1975, the U.S. and Vietnam maintained no economic relation in more than two decades. Washington extended President Richard Nixon’s 1964 trade embargo to all of Vietnam and all bilateral trade activities were prohibited.

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Who is Vietnam largest trading partner?

Vietnam top 5 Export and Import partners

Market Trade (US$ Mil) Partner share(%)
United States 61,404 23.21
China 41,434 15.66
Japan 20,427 7.72
Korea, Rep. 19,729 7.46

Who is Vietnam’s biggest trade partner?

China is Vietnam’s leading trading partner with a total import and export value of US$106.7 billion, making up 22.2% the country’s total imports and exports.

Who are the US biggest trading partners?

China, Canada and Mexico are the country’s largest trading partners, accounting for nearly $1.9 trillion worth of imports and exports.

Who is the US number 1 trading partner?

List of the largest trading partners of the United States

Rank Country/District Trade Balance
1 China -375,576
2 Canada -17,054
3 Mexico -70,953
ASEAN -90,693

Which country has the biggest current account deficit?

In absolute terms, the United States of America (US$616 billion) and the United Kingdom (US$95 billion) ran the world’s largest current account deficits.

When did the US start trading with Vietnam?

Since entry into force of the U.S.-Vietnam bilateral trade agreement in 2001, trade between the two countries and U.S. investment in Vietnam have grown dramatically.

Does Vietnam import or export more?

Vietnam Consumer goods imports are worth US$ 39,695 million, product share of 15.66%. Vietnam Capital goods exports are worth US$ 107,023 million, product share of 40.45%.