VIETNAM’S TRADE SURPLUS VALUES ARE BREAKING ALL THE PAST RECORDS – REPORT

Vietnam, presently formally known as the Communist Republic of Vietnam is a country that is located in Southeastern Asia. With a land area of 311,699 square kilometers, the nation possesses 96 million individuals, making it the fifteenth most crowded country on the planet. Vietnam imparts its lines to various nations, in particular, China, Laos, Cambodia, Thailand, and the Philippines are the major countries with whom Vietnam shares its borders.

VIETNAM TRADE DATA INSIGHTS FOR THE YEAR 2020

Before mentioning the current market condition of Vietnam, let’s understand what past trends have to say about Vietnam Import Export Data with respect to the values of total imports and exports to and from the nation. So, as per the Vietnam Trade Data for the year 2020, the country exported goods worth USD 281,441 million and imported goods worth USD 261,309 million, leading to a trade surplus of USD 20,132 million for Vietnam.

The top 5 export products to Vietnam as per Vietnam Export Data for the year 2020 were electrical machines and related items (USD 111,092 million), mechanical appliances and nuclear reactors (USD 18,416 million), footwear (USD 17,253 million), textile, clothing, and garment items (USD 13,700 million), and furniture items (USD 11,982 million).

Similarly, based on Vietnam Import Data for the year 2020, the top 5 import items to the nation were electrical machines and related items (USD 95,444 million), mechanical appliances and nuclear reactors (USD 21,572 million), plastic items (USD 15,903 million), mineral fuels and oils (USD 12,928 million), and Iron and steel items (USD 9,900 million).

A MAJOR DECLINE IN TRADE SURPLUS FOR VIETNAM IN THE YEAR 2021



After registering a trade surplus of USD 20,132 million in the year 2020, the surplus amount in Vietnam was reduced by a significant level in the year 2021 and reached USD 5,040 million. This decline was due to the ongoing pandemic that imbalanced global trade completely.  In the year 2021, Vietnam became the 9th largest export partner of the United States and exported goods worth USD 3.5 billion to the US. In exchange, the US became the 2nd largest supplier of agricultural goods to Vietnam with a total of 12% market share.

In general, Vietnam recorded the total import value to be USD 330,752 million as per Vietnam Import Data for the year 2021. The star import products to the nation were electrical machines and related items (USD 118,140 million), mechanical appliances and nuclear reactors (USD 24,114 million), plastic items (USD 19,983 million), mineral fuels and oils (USD 16,390 million), and Iron and steel items (USD 14,744 million).

Similarly, on analyzing Vietnam Export Data for the year 2021 in-depth, we came to know that total exports from the nation amounted to USD 335,792 million. The top exporting items in the list were electrical machines and related items (USD 131,385 million), mechanical appliances (USD 24,102 million), footwear (USD 18,235 million), textile and garment items (USD 15,734 million), and furniture items (USD 13,833 million).

VIETNAM SETS NEW TRADE RECORD IN 1ST TWO MONTHS OF 2023

After a major decline in the trade surplus in the year 2021, Vietnam focused on boosting its trade surplus and after two years, in 2023 the nation made a new record in just the first 2 months of the year. From January 2023 to February 2023, Vietnam recorded a trade surplus of USD 2.82 billion. The total import-export business of the nation, as per the Import Export Data is close to USD 96.05 billion for the first two months of 2023 with total imports amounting to USD 46.62 billion and total exports amounting to USD 49.44 billion.

In the initial 2 months of the year 2023, 8 major products recorded total exports of USD 1 billion+. The top products/services are the manufacturing sector (USD 44.38 billion), followed by the agriculture and forestry division, and then fisheries and fuels. The biggest Import and export partners of Vietnam as per Vietnam Trade Data till now are China (USD 14.6 billion) and the United States (USD 13.1 billion) respectively.

We are also going to share some minute insights with you about the Vietnam Trade Data that are recorded in the first 2 months of this year. So, in the initial two months of 2023, Vietnam has managed to build a trade surplus of USD 4.8 billion with the EU nations, followed by a trail of trade deficits of USD 6.5 billion with China, USD 4.7 billion with Korea, USD 1.5 billion with ASEAN countries, and lastly of USD 237.23 million with Japan.

TRADE SURPLUS SUMMARY (2020 – Jan-Feb 2023)

YEAR

EXPORTS

IMPORTS

TRADE SURPLUS

2020

USD 281,441 million

USD 261,309 million

USD 20,132 million

2021

USD 335,792 million

USD 330,752 million

USD 5,040 million

2022

USD 371,500 million

USD 358,900 million

USD 12,600 million

2023 (JAN-FEB)

USD 49.44 billion

USD 46.62 billion

USD 2.82 billion

 

CONCLUSION

So, we are finally at the end of this blog and hope that you liked the contents of this blog and were able to compare the performance of Vietnam every year. At last, we just want to mention that Vietnam is indeed a rapidly growing economy with 100s of opportunities and new gateways in the future. The officials and government of the country are also working tirelessly to grow the trade to and from Vietnam so that the speed of development of the economy grows.

The target of 6% growth is set by the ministry this year for Vietnam and to achieve the same, the government has asked industries and businesses to work on their product pricing so that it can be sold easily and hence widens the export market. Many more strategies and growth prospects are in the pipeline of the Vietnam government.

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