VIETNAM BREAKS ITS RECORD FOR TOTAL IMPORTS AND EXPORTS TURNOVER

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 Based on the latest reports released from Vietnam’s capital, Hanoi, the total revenue generated from imports and exports has crossed the benchmark of USD 700 billion. Which is more than USD 100 billion as compared to the year 2021. It’s now the 10th consecutive year in a row where the nation has comfortably maintained its trade surplus. The Import Export Data report and statistics also mention that the USA and China are the largest export and import markets of Vietnam as they dominate Vietnam Export Data and Vietnam Import Data respectively.  The statistics support this statement completely as Vietnam exported goods worth USD 101 billion to the United States whereas, imported goods worth USD 110 billion from China in the year 2022 till now.

Experts give credit to Vietnam being an emerging nation for the effective execution of administrative reforms due to which a hassle-free system is created to transport goods smoothly without any hurdles.

CLEAR PICTURE OF VIETNAM THROUGH GLOBAL RANKINGS

Moreover, the data derived from World Trade Organization depicted that in the year 2006, the economy of Vietnam or Vietnam Trade Data was far behind as compared to today’s scenario. Vietnam was ranked 50th and 44th in total exports and imports, but ever since 2018, the country has remained among the top 30 countries and Vietnam Import Data and Vietnam Export Data have always presented a healthy state of the economy.

As we know that Turkey is one of the members of ASEAN countries, concerning this information, Vietnam is in 2nd position amongst all ASEAN nations in both, total imports as well as total goods.

To our surprise, in the period of 11 years, the revenue generated through the import and export of goods became USD 5.13 trillion.

 

 


WHAT FACTORS AFFECT VIETNAM EXPORT DATA

You must surely be wondering how Vietnam Trade data showed such a positive trend in the global market. So let us tell you that the reason behind the growth of trade in Vietnam is none other than moderating growth and demand for goods and services.

As per the report published in December 2022, lighter external demand has dominated Vietnam’s Exports. The customers will slowly and gradually return to the market as the risk of Covid-19 reduces further. Inflation might affect the demand for goods in Vietnam in the future.

Exports related to merchandise have contracted by almost 8.5% due to the loosening of demand in other countries. on the other hand, Foreign Direct Investment (FDI) reduced by 2%.

World Bank has asked the authorities of Vietnam to make the exchange rates more flexible to become adaptive in the external environment because the global financial conditions can remain rigid and strict for some more time in the future.

OUR FINAL VERDICT

We would only like to state that as Vietnam has broken its record in terms of total trade value, it is estimated that more new records would be formed by the nation in the coming years due to its rapidly growing economy and cheap labor. There are many opportunities in the nation that can be used to take the trade value to next level if used properly.

There are many growth avenues in front of the nation as of now which can help the nation to grow economically as well as financially which in turn will help Vietnam Trade Data to grow.

BONUS INSIGHTS

Today is a good day so we decided to provide you with some insights about another Asian country as well which is popularly known as Turkey.  As per the latest updates received from Turkey Trade Data for December 2021, the imports and exports of Turkey are grown as compared to last year by 30% and 25% respectively. In the year 2021, the Turkey Export Data presented a value of USD 225.3 billion which was a growth of 33% than last year. On the other hand, the Turkey Import Data presented a value of USD 271.4 billion which was a rise of nearly 23.8% than last year.

In the month of January 2021, the major export partners as per Turkey Export Data were Germany, the USA, the UK, Iraq, and Italy constituting almost 32% of total exports. Meanwhile, the biggest import partners of the nation as per Turkey Import Data were Russia, China, Germany, the USA, and Italy constituting almost 38% of total imports.

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