BIGGEST EXPORT PRODUCT FROM TURKEY TO VIETNAM – REVEALED!

SHARE OF PACKAGED MEDICAMENTS IN THE WORLD TRADE

Packed medicaments are a crucial part of pharmaceutical products. This division of medical products majorly includes antibiotics, insulin, alkaloids, vitamins, and various kinds of dosages. Based on the latest reports of the world trade of packaged medicaments, it is observed that in the year 2020, these products were among the top 7 items that were traded the most in the world. The total trade value of packaged medicaments was close to USD 410 billion in the year 2020 which accounted for almost 2.5% contribution to total global trade. Total exports of these items also grew by 8.7% between 2019-2020.

The top exporters of packaged medicaments as per Global Trade Data of the year 2020 were Germany, Switzerland, Ireland, France, and Italy. On the other hand, the top importers of these products were the United States, Germany, Switzerland, China, and Italy.

EXPORTS OF PACKAGED MEDICAMENTS FROM TURKEY TO VIETNAM ARE THE LARGEST AMONG THE OTHER ITEMS

The demand for packed medicaments in Vietnam is huge. The Production of the same is not up to the mark to satisfy the demands of every citizen and hence, the nation imports these items in bulk from different nations, particularly from Turkey. In the year 2020, total exports from Turkey as per Turkey Export Data to Vietnam have valued at USD 274 million out of which the share of packed medicaments was worth USD 15.5 million. This amount is approximately 5.65% of total imports made by Vietnam as stated in Vietnam Import Data for the year 2020.

On analyzing the past trends of exports of packaged medicaments from Turkey to Vietnam for the last 5 years (2107-2021), we get to know the following:

PRODUCT	2017	2018	2019	2020	2021
Packed Medicaments (HS CODE- 3004)	USD 16.26M	USD 12.36M	USD 20.89M	USD 15.5M	USD 14.37M

 

From this trend analysis, it is very clear that Vietnam Import Data is dominated by the imports of packed medicaments from Turkey the most. Although, for some time now the trade between these two countries would reduce due to the earthquake that has caused havoc in Turkey.

Apart from Turkey, Vietnam imports packaged medicaments from numerous other countries. Some of the major nations in the list of 2020 are:

·        Germany (387.7 million)

·        France (346.15 million)

·        India (245 million)

·        Korea (151.82 million)

·        The United States (150.56 million)

·        Switzerland (97.81 million)

·        The United Kingdom (73.18 million)

These countries are the top countries from whom Vietnam Imports packaged medicines apart from Turkey to maintain Vietnam Trade Data and to fulfill the demands of its citizens.

REASON WHY VIETNAM IMPORTS PACKAGED MEDICAMENTS FROM THE WORLD

One of the main reasons why Vietnam Imports pharmaceutical items in large quantities are because of the growing medical industry of the nation. The medical industry of Vietnam is one of the largest growing and flourishing industries in the world.

The pharmaceutical market of Vietnam was valued at USD 10 billion in the year 2020 which was more than USD 5 billion which was in the year 2015. Based on some official reports, this market of Vietnam will surely touch USD 16 billion mark by 2026. The only hindrance to this vision is the lack of resources and facilities. So, to fulfill the requirements of the market, Vietnam imports packaged medicaments and other medical equipment in huge numbers from around the world.

Another reason for the huge imports of medical items by Vietnam is its growing population who ultimately need medical assistance in any part of their lives. As the population is rising with awareness about medical treatments and surgeries, there is a need for high-end medical gadgets, tools, technology, and equipment which at the moment is short in the country. Hence, Vietnam is focusing on importing pharma products around the world currently and the same can be studied from Vietnam Import Data and Vietnam Trade Data as well.

CONCLUSION

The Pharmaceutical industry of Vietnam is indeed a growing market with a lot of potential and growth opportunities. This is because of the growing awareness, income, social conditions, and population in the country. As the nation is in its developing stage, development, and investment cannot be undertaken perfectly so to cover this up, Vietnam is constantly importing the required items from around the globe. Also, the knowledge, skill set, and resources are getting acquired from different foreign countries.

This industry can do a lot of wonders if the setup and roadmap to acquire products are made in a clear format. As of now, Vietnam Trade Data is going in the right direction and a lot of opportunities and avenues are waiting for its way.

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