A COMPARATIVE ANALYSIS OF TRADE DATA: PHILIPPINES VS. VIETNAM
International trade plays a vital role in the economic growth and development of nations. In this blog post, we will explore and compare the trade data of two Southeast Asian countries, the Philippines and Vietnam. Both countries have emerged as significant players in the global trade arena, attracting investment and fostering economic progress. By examining their trade statistics, we can gain insights into their trading patterns, key industries, and the overall impact on their respective economies.
OVERVIEW OF TRADE DATA
The Philippines Trade Data report and
Vietnam Trade Data
report provide a comprehensive snapshot of their import and export activities.
These figures capture the value of goods and services traded with other
countries, allowing us to assess the volume and direction of their
international trade flows.
Analyzing the trade volume and trends
is crucial to understanding the growth patterns of these countries’ economies.
We can explore the total trade value, growth rates, and shifts in trading
partners over time. By comparing these indicators between the Philippines and
Vietnam, we can gain insights into their relative competitiveness and global
market integration.
INTERNATIONAL
TRADE PATTERN OF THE PHILIPPINES AND VIETNAM (2018-22) |
|||||||
PHILIPPINES
(USD) |
VIETNAM
(USD) |
||||||
YEAR |
IMPORTS |
EXPORTS |
TOTAL |
YEAR |
IMPORTS |
EXPORTS |
TOTAL |
2018 |
115.1 Bn |
67.48 Bn |
182.5 Bn |
2018 |
236.8 Bn |
243.6 Bn |
480.4 Bn |
2019 |
112.9 Bn |
70.33 Bn |
183.2 Bn |
2019 |
253.4 Bn |
264.6 Bn |
518.0 Bn |
2020 |
90.75 Bn |
63.87 Bn |
154.6 Bn |
2020 |
261.3 Bn |
281.4 Bn |
542.7 Bn |
2021 |
124.3 Bn |
74.61 Bn |
198.9 Bn |
2021 |
330.7 Bn |
335.7 Bn |
666.4 Bn |
2022 |
145.8 Bn |
78.92 Bn |
224.7 Bn |
2022 |
356.1 Bn |
458.1 Bn |
814.2 Bn |
As seen from the above statistical
table, the performance of Vietnam is better than the Philippines in all 5
years. Also, when we compare Vietnam Import Data
records with the Philippines Import Data records, Vietnam comes out to be the
better performer. Similar is the case with exports too.
MAJOR TRADE PARTNERS OF THE PHILIPPINES
AND VIETNAM
If we talk about the main trade
partners of the Philippines and Vietnam for the year 2021, then those are as
follows:
MAJOR TRADE
PARTNERS OF THE PHILIPPINES AND VIETNAM |
|||
THE
PHILIPPINES |
VIETNAM |
||
IMPORT PARTNERS |
EXPORT PARTNERS |
IMPORT PARTNERS |
EXPORT PARTNERS |
China |
The USA |
China |
The USA |
Indonesia |
Japan |
Korea |
China |
Japan |
China |
Japan |
Korea |
Korea |
Singapore |
Taiwan |
Japan |
The USA |
Thailand |
The USA |
The Netherlands |
Singapore |
Korea |
Thailand |
Germany |
The USA is the most dominant nation
in all as it is the biggest importer of both, the Philippines as well as
Vietnam. The Philippines Export Data report and Vietnam Export Data
report for the year 2021, both have the USA as their biggest export partner.
BILATERAL TRADE BETWEEN THE
PHILIPPINES AND VIETNAM
Apart from performing trade with
different nations across the globe, the Philippines and Vietnam perform trade
amongst themselves too. As per the customs data report for the year 2022, total
trade worth USD 6.49 billion happened between both nations. During the complete
annual year 2022, the major exported product from Vietnam were cereals, and on
the other hand, electric machines and appliances were the major exported
products from the Philippines.
CONCLUSION
The trade data of the Philippines and
Vietnam offer valuable insights into their economic performance,
competitiveness, and integration into the global market. By comparing and
analyzing these statistics, we can identify trends, challenges, and
opportunities for these two Southeast Asian nations. Understanding their trade
dynamics helps policymakers, businesses, and investors make informed decisions
and formulate strategies to enhance economic growth and international trade
relations.
For more trade-related information
from 70+ nations, contact TradeImeX today and get exposed to the most legit and
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