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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Source URL: https://usexportdata.blogspot.com/2023/06/first-five-prosperous-months-for.html
