THE SICK TRUTH OF VIETNAM TRADE DATA

 AN INTRODUCTION TO VIETNAM TRADE DATA

Vietnam, now officially known as the Socialist Republic of Vietnam is a country that is situated in Southeastern Asia. With a land area of 311,699 square kilometers, the country inhabits 96 million people which makes it the 15th most populous country in the world. Vietnam shares its borders with multiple countries, namely, China, Laos, Cambodia, Thailand, and the Philippines.

As per the import export data of Vietnam, total imports regarding products, were worth USD 270 billion, while services imported were worth USD 18.3 billion in the year 2020. On the other hand, if we refer to Vietnam export data of then we come to know that in the year 2020, total exports made by the country regarding products were close to USD 300 billion, while services exported were worth USD 16.6 billion. In the year 2021, the values of imports and exports of the country were close to USD 202.6 billion and USD 214.1 billion.

Vietnam ranked 18th in the case of imports of products and 24th in the case of services imported. While the country secured 16th position across the globe in the case of exports of products and 23rd in the case of services exported. This data is based on Vietnam trade data for 2020.

GLIMPSE OF VIETNAM TRADE DATA AND STATISTICS

Vietnam's trade data has shown an upward trend in the case of imports and exports for many years and hence became one of the rapidly growing countries in the world. We can clearly see a positive increase in imports of Vietnam If we compare import data of Vietnam for the years 2019 and 2020. Also, Vietnam export data tell the same story.

If we compare the imports and exports of Vietnam for the years 2020 and 2019, we can clearly analyze that in 2019, imports were valued at USD 253.4 billion, and exports were worth USD 264.6 billion. In 2020, both values increased by more than 10%. This is clearly a signal of a growing economy and developing nation.

MAJOR IMPORTS AND EXPORTS OF VIETNAM

Although Vietnam deals in acquiring various varieties of goods from different nations, some of the prominent and major imports according to Vietnam trade data Vietnam is doing currently are:

· Integrated circuits ($34.2B)

· Telephones ($16.5B)

· Semiconductor devices ($6.04B)

· Light rubberized knitted fabric ($4.84B)

· Broadcasting accessories ($4.1B)

Vietnam also deals in exporting many varieties of products and services to other countries as well. Some of the prominent products and goods that are exported by Vietnam to other countries as per Vietnam export data are:

· Broadcasting equipment ($42B)

· Telephones ($21.4B)

· Integrated circuits ($19.4B)

· Textile footwear ($8.9B)

· Office machine parts ($7.68B)

MAJOR IMPORT AND EXPORT PARTNERS OF VIETNAM

The next phase of this article is all about the major trade partners of Vietnam. As we know that Vietnam is into trading with many countries, but we also know that each country has some of its best partners for imports and exports with whom a country is associated the most. So, Vietnam also has some of its prominent partners for import and export. Let’s see that as per the Vietnam trade data of which countries are its major partners.

MAJOR IMPORT PARTNERS OF VIETNAM

· China ($104B)

· South Korea ($48B)

· Japan ($16.1B)

· Chinese Taipei ($11.5B)

· Thailand ($11.2B)

MAJOR EXPORT PARTNERS OF VIETNAM

· The United States ($77B)

· China ($49.4B)

· Japan ($20.4B)

· South Korea ($19.6B)

· Hong Kong ($13.8B)

OUR OPINION

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