FIRST FIVE PROSPEROUS MONTHS FOR VIETNAM TRADE DATA – NEW RECORD SET
ABSTRACT
Just like every nation of this world
is governed by some or other government body and various departments are
assigned to handle different responsibilities for the smooth functioning of the
nation, on the same grounds, Vietnam is also one of those nations who are
performing well in all domains at present and are growing rapidly with full
power. Especially if we talk about international trade patterns and trends,
then the performance of the country is flawless.
Before the start of this year 2023,
the team of officials that is responsible to forecast the total trade of a
nation in a given specific time said that the total value of imports and
exports to and from Vietnam in the initial five months (Jan-May) would be
nearly USD 262.54 billion which would be lesser when compared with the year
2021 in the same time duration by 14.7%. Apart from this, a trade surplus worth
USD 9.8 billion was also forecasted in that given 5 months of the year 2023.
VIETNAM TRADE DATA – A CUMULATIVE
TRADE STUDY
In the initial five months of the
year 2023, as per Vietnam
Export Data reports, Vietnam managed to export goods worth USD 136.17
billion which was lesser by 11.6% when compared to the previous year.
Meanwhile, the imports made by the nation as per Vietnam Import Data in the first
5 months of the year 2023 were USD 126.37 billion which were lesser by 18% when
compared to the year 2022.
Let’s see at the trade trends that
are followed by Vietnam in the first five months of every year for a better
understanding.
IMPORT-EXPORT
REVENUE FOR VIETNAM IN THE FIRST 5 MONTHS (2019-23) |
|||
YEAR |
IMPORTS |
EXPORTS |
TOTAL
SURPLUS |
2019 |
USD 101.38
billion |
USD 101.13
billion |
USD 0.25
billion (-) |
2020 |
USD 96.3
billion |
USD 100.17
billion |
USD 3.87
billion (+) |
2021 |
USD 132.6
billion |
USD 131.36
billion |
USD 1.24
billion (-) |
2022 |
USD 153.86
billion |
USD 154.1
billion |
USD 0.24
billion (+) |
2023 |
USD 126.37
billion |
USD 136.17
billion |
USD 9.80
billion (+) |
So, from the table, it can be seen
that Vietnam Trade Data saw the most trade surplus in the year 2023 with a
major export share of processed items, agriculture, aquatic products, mineral
fuels, and crude oil. on the other hand, the major imports made by Vietnam during
this duration were machines, electric appliances, and automobiles.
IMPORT-EXPORT
BIFURCATION FOR THE YEAR 2023 |
|||
TOTAL
IMPORTS (%) |
TOTAL
EXPORTS (%) |
||
CAPITAL GOODS |
118.31B (93.6%) |
PROCESSING |
120.24B (88.3%) |
CONSUMER GOODS |
8.06B (6.4%) |
AGRICULTURE |
10.79B (7.9%) |
|
|
SEAFOOD |
3.37B (2.5%) |
|
|
FUELS & MINERALS |
1.77B (1.3%) |
Based on Vietnam Trade Data
reports, the United States imported the major chunk of Vietnamese exports (USD
37.2 billion), whereas Vietnam imported most of the things from China (43.4
billion) in the initial five months of 2023.
Due to all the nation's hard work and
growth opportunities, Vietnam has managed to touch a trade surplus of USD 9.8
billion, which is just amazing. It is estimated that the trade surplus would
rise further in Vietnam as the nation is trying to produce more and more
products in the domestic market only which would reduce imports of the nation
to a greater extent and hence would push exports.
CONCLUSION
Given unusual improvements in import
and export exercises, the Ministry of Industry and Trade is proceeding to
intently screen advancements in the world market, propose collaboration systems
and answers to foster conventional business sectors and expand exporting
business sectors. It will likewise keep supporting organizations to exploit
consented to deregulation arrangements (FTAs) to successfully take advantage of
business sectors and lift sends out across the globe.
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Export data or Global
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