Trade Data Benefits

Import-export data also known as trade data or import-export statistics, contains numerical or statistical data about international trade which is presented by different countries at different time intervals.

It is good to know that trade data is available for both industry-based and product-based versions. To make the data more understandable, trade data is presented in the form of unique HS (Harmonized System) codes and industry data are showcased based on NAICS codes.

 

WHO IS ADDICTED TO TRADE DATA?

Import-export data is studied and analyzed to find the potential market for a particular commodity or service that is supposed to be exported and a good potential market from where goods and services can be imported. Many institutions have a close eye on this data, like governments, corporations, trade associations, law firms, and international organizations.

Some key benefits of using trade data are:

1.     Vietnam Trade data is used to know about the supply or demand of a commodity in some targeted countries, which helps the traders analyze the profit that they can make if an import or export takes place.

2.     Trade data or import and Vietnam export data is also helpful to get knowledge about the trend of trade during uncertainties like cross-country wars or big pandemics like COVID-19.

3.     Import-export data can depict general trends in the world and the impact that they can have on other countries, industries, and regions.

4.     As the government stays in close touch with import and export data as this helps the government assess national trade and take other decisions accordingly.

Let’s have a look at the trade data of two countries: Vietnam and the Philippines. After seeing this data, you will get to know some statistics and rankings of both countries in the list of top exporting and importing countries in the world.

 

VIETNAM TRADE DATA

Vietnam, now known as the "Socialist Republic of Vietnam", is a country located in Southeast Asia. As per Vietnam's import data, it was the 25^th largest importer of goods way back in the year 2021 and the 27^th largest exporting country in the world in the year 2021. Despite having a population of only 95.5 million people, the country's imports were worth USD 202.6 billion, and exports were worth USD 214.1 billion in 2021.

Vietnam trade data is a consolidated data set that consists of a collection of statistics and facts that are totally based on shipping and import/export bills, invoices, and other documents related to imports and exports across the world.

As per the Vietnam trade data its total imports were recorded at a total of USD 253.4 billion in 2019 which was an 11% increase as compared to 2018 which was worth USD 236.8 billion.

 By referring to the customs data of Vietnam, its major imports are machinery equipment (30.6%), plastics (6.2%), mineral fuels, and oils (6.1%). As per Vietnam export data the major import partners of this country are China (29.8%), South Korea (18.5%), Thailand (4.6%), and India (1.8%).

PHILIPPINES TRADE DATA

The Philippines, also known as "Las Islas Filipinas’ is a small island country located in Southeast Asia in the western Pacific Ocean. As per Philippines export data it was 34th largest importer of goods and 39^th largest exporter of goods way back in year 2020. Being a country with population of mere 110.8 million people Philippines trade data showed, in 2021, its imports were worth 1.02 trillion Philippine pesos and exports were worth USD 55.7 billion.

Philippines export data is a consolidated data set that consists of a collection of statistics and facts that are entirely based on shipping and import bills, invoices, and other documents related to global imports and exports.

As per the Philippines export data its total exports were recorded at a total of USD 5.89 billion in May 2021, which was a 74.1% increase as compared to the previous month. On the other hand, total exports declined in May 2020 by 26.7% annually.

By referring to the Philippines trade data its major imports are integrated circuits ($12.3B), petroleum ($5.61B), office machine parts ($2.45B), and cars ($2.16B). The major import partners of this country are China, Japan, Korea, the USA, and Indonesia.

 

LET’S CONCLUDE!

First and foremost, we hope you gained some useful information about trade data and gained a better understanding by studying Vietnam's trade data and Philippine's trade data. We would like to conclude this article by stating that trade data addiction is extremely beneficial for those who engage in regular international trading. This is because, through Global trade data only, very important information can be derived that can help to identify the potential market and country for the product or service.

As we study the Best import export data of Vietnam and the import export data provider of the Philippines, we get very important information about both countries about their total exports, imports, and major exporting/importing products and to/from which countries. Hence, trade data is a very important database for traders and marketers who are planning or already are into international businesses.

A POINT TO REMEMBER

If you want personalized analysis and guidance about import-export data or global trade data of any country, then get in touch with TradeImeX® Info Solution Private Limited. We are one of the leading global trade data providers online in India. TradeImeX® Import-export data provider strives to deliver accurate global trade data to people. We deal in providing best-in-class advice in identifying the potential market as per the products and services and hence, help businesses to skyrocket their sales and profits and take them to the next level.