Among the "billion dollar" export commodity groups of Vietnam in January 2021, machinery, equipment, tools and spare parts has seen one of the highest growth rates.

According to the General Department of Customs, in January 2021, the export of machinery, equipment, tools and spare parts reached a turnover of nearly US$3.26 billion, up sharply by 119% over the same period last year.

This is one of the key commodity groups with the strongest growth in the firstmonth of 2021.

Notably, with a high growth rate, machinery, equipment, tools and spare parts surpassed textile and to be in the top threeof export goods with the largest turnover scale of Vietnam (after phones; machines; computers, electronic products and components).

In 2020, export value of this commodity group reached$27.19 billion, up 48.6% from the prior year.

The largest export market for machinery, equipment, tools and spare parts last year was the US with $12.21 billion, up strongly by 141.5%.

Other major markets (28 countries) reached the value of $3.49 billion, up 28.5%; South Korea with $2.05 billion, up 25.9%; Japan with $2.05 billion, up 5.6%; and China with $1.94 billion, up 22.2% compared to 2019.

By the end of January 2021, Vietnam's total export turnover reached$28.55 billion, sharply increasing by 55.1%, corresponding to an increase of$10.14 billionover the same period in 2020.

Of which, total export turnover of FDI enterprises reached $21.57 billion, up sharply 70% (equivalent to an increase of $8.88 billion) compared to the previous year, accounting for 75.5% of total export turnover of Vietnam

By the end of January, there were sixgroups of export goods with a turnover from 1 billion USD. In addition to the large commodity groups in the top threementioned above, the rest ofthreecommodity groups are: textiles and garments; footwear; wood and wood products.

Source: Customs News