INTERNATIONAL TRADE SCENARIO OF VIETNAM AND TURKEY

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ABSTRACT

Vietnam is a very vibrant country with almost all the facilities and infrastructure that are required to lead a happy and stress-free life. In the past few years, the pace at which Vietnam is growing and heading towards a developed economy is commendable. The nation is growing in all areas and domains, starting from primary areas like agriculture to the most complex domains like machine manufacturing, automobiles, and precious stones, every sector is experiencing positive growth. The GDP of the country is also increasing at an annual rate of 2.6%.

Unlike Vietnam, the economic picture of Turkey is not that great at present as a massive earthquake hit the country and left everything to pieces. Until the first week of February 2023, Turkey was also growing at a good speed. The bilateral trade relations of Turkey were just next to amazing and profitable. Until 2021, the annual GDP growth of Turkey was 11.4%.

In this blog, we are going to see the current scenario of both countries with respect to their total trade and their profitability scale. We will see that by how much margins Vietnam Trade Data and Turkey Trade Data are into trade deficit or trade surplus at present.



VIETNAM RECORDS A TRADE SURPLUS WORTH USD 4 BILLION IN 2023 (Q1)

Based on the information released by the Import Export Data of Vietnam for the first quarter of 2023, the nation has made a trade surplus of USD 4.07 billion in the first three months of the current year. The total imports as per Vietnam Import data that were done by Vietnam were close to USD 75.1 billion, whereas total exports recorded in Vietnam Export Data were USD 79.17 billion.

The major trade partners of Vietnam in these three months were the United States, and European Union nations, followed by China, South Korea, ASEAN countries, and Japan. The respective trade surplus and deficit with each nation are mentioned below.

 

 

MAJOR TRADE PARTNERS OF VIETNAM IN Q1 OF THE YEAR 2023

COUNTRY

SURPLUS/DEFICIT

The United States

Trade Surplus (+ USD 17.5 billion)

European Union

Trade Surplus (+ USD 6.9 billion)

China

Trade Deficit (- USD 12.1 billion)

South Korea

Trade Deficit (- USD 6.3 billion)

ASEAN countries

Trade Deficit (- USD 2 billion)

Japan

Trade Deficit (- USD 0.16 billion)

 

The major exports made by Vietnam, as recorded in Vietnam Export Data are telephones, mobile spare parts, and textiles. Other exports may include footwear, machines, and miscellaneous items.

TURKEY EXPERIENCES A DECLINE IN TRADE GROWTH DUE TO THE EARTHQUAKE

Everything was in the court for Turkey until a massive earthquake shook the nation and took away everything along with it. It was 6th February 2023 when the country experienced one of the biggest earthquakes of all time. This natural calamity has disturbed the functioning of nearly every sector in the nation, including foreign trade. Turkey is also on the list of most rapidly developing countries in the world with a GDP growth of 11.2% every year. For at least some time now, the nation is in the rebuilding phase and all the damage is getting reconstructed so that the nation can come on track as soon as possible.

In the month of February 2023, as per Turkey Trade Data of that year, Turkey had a trade deficit of a whopping USD 12.2 billion. This deficit has been growing every year by 53%. The primary reason behind this deficit is the earthquake.  Due to damaged machines and factories, the Turkey Export Data showed a drop of 6.4% while imports grew by 10.6% which led to the widening of the trade deficit even more. On examining the Turkey Import Data in Q1, it was found that there was a rise of 858% in total unprocessed gold.

CONCLUSION

As we reach the end of this informative and insightful blog, we would like to say that Vietnam is in a better position than Turkey as the nation is growing at its full pace currently, unlike Turkey which needs some time to get reconstructed and start working like before. Moreover, Vietnam offers the most affordable and efficient labor to other nations that are attracting huge investments from big players and companies in the market. In a nutshell, it is a quite good option for all traders and marketers to start their trade with the Vietnamese market at present. The Turkish market can be targeted later once it starts all its functions in full.

To get the most authentic and accurate Vietnam Trade Data or Turkey Trade Data reports, get in touch with Tradeimex today and get all your queries answered.

For more info –

Turkey Export Data

 

  

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