BILATERAL TRADE SECRET OF VIETNAM AND THE PHILIPPINES
The Philippines and Vietnam, both the nations are situated close to each other and share a common continent, Asia. Vietnam is a bigger nation as compared to the Philippines, but in contrast, the population of the Philippines is more than Vietnam which leads to more population density and per capita income in the Philippines. Being populated with fewer people, Vietnam has a vast open space for development programs and the setting up of new industries and manufacturing units. Both countries share healthy bilateral trade relations with each and are into trade practices every now and then.
BILATERAL TRADE SECRET OF VIETNAM AND
THE PHILIPPINES
As we mentioned above, the trade
relations between both nations are very strong. This statement proves to get
true by looking at the statistics shared by Philippines Trade Data and Vietnam Trade Data for
the year 2020. As per Vietnam Export Data for the year 2020, the nation
exported goods worth USD 3.65 billion to the Philippines. On the other hand,
the Philippines Export Data showed exports worth USD 1.60 billion to
Vietnam.
If we talk about a specific industry,
say the textile and apparel industry, then as per Vietnam Export Data of
previous years, Vietnam has exported apparel of more than USD 16.60 million to
the Philippines in the year 2022 which includes dresses, T-shirts, shirts,
trousers, jerseys, etc. Due to restrictions imposed because of Covid-19,
exports dipped by some amount, but the nations are looking ahead to expand
their apparel trade to USD 10 billion till the year 2026.
It is very much evident that Vietnam is the
nation which is behind the sourcing of textiles and apparel to the Philippines.
Year-wise comparison of the textile exports from Vietnam to the Philippines is
as follows:
·
2017 – USD 8.89 million
·
2018 – USD 12.14 million
·
2019 – USD 12.74 million
·
2020 – 17.75 million
·
2021 – 22.2 million
·
2022 – 16.60 million (till August 2022) and counting
On the other hand, the Philippines
exports electrical equipment to Vietnam the most. As per the Philippines Export Data
for the year 2022, the nation exported electronic items to Vietnam worth 1
billion. Along with this, nuclear gadgets, copper items, and plastic items are
also exported from the Philippines to Vietnam.
CONCLUSION
Bilateral trade is a trade practice
where two nations are regularly associated with each other for trading goods
and helping to fulfill demands in each other’s country. Vietnam and the
Philippines is the best example of this type of trade. With the years passing,
the trade relations between the nations are increasing and becoming stronger.
Also, both nations are well connected via waterways and airways. As per our
estimates, the Philippines Trade Data and Vietnam Trade Data are
going to grow by leaps and bounds due to their continuous association and
healthy relations with each other.
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BILATERAL TRADE ANALYSIS AND REPORTS
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Vietnam Export Data or the Philippines Import Data or the Global
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