Vietnam All Relevant Import and Export Statistics that you must Know

Vietnam is nestled in South-East Asia. As per the Vietnam Import Data, the country was ranked 20th importer country all across the globe. Based on the statistics, Vietnam imports totalled USD 253.4 billion in 2019, which was an upward trend by 11.2% as compared to the previous year, where the imports valued worth USD 236.8 billion.

The major imports of Vietnam according to Customs data are machinery and industrial equipment, electronics, petroleum products, raw materials, clothing and shoe industries, plastics, automobiles, metal and chemical products.

The main import partners of Vietnam are China, South Korea, Japan, United States, Thailand, Malaysia, Indonesia and India. The value of merchandise imports to Vietnam totalled $261 billion in 2020. This has shown an increasing trend of 3.1% as compared to 2019. The goods imported increased by $ 7.86 billion in 2020.

As per the Vietnam Export Data, the country was 22nd exporter all across the globe. The total value of exports estimated to USD 264.6 billion in 2019. This showed a gain of about 25% as compared to the previous year. The country has a socialist-oriented market economy. The major exports of the country were electrical machinery and equipment, footwear and gaiters, not knitted crocheted apparel and clothing, knitted or crocheted and clothing, furniture, bed mattress, edible nuts and fruits, medical equipment, plastics and articles.

The top export partners of Vietnam are United States, China, Japan, South Korea and Hong Kong. Because of rising costs China is no longer the go-to destination for many business organizations and Vietnam has arisen as a serious competitor. Recent trend shows that number of orders shifting from China to Vietnam has seen great increase.

As per the Vietnam Custom Import Export Data, the country has emerged as an important electronics exporter with electrical and electronics products overtaking coffee, rice and textiles to become the top export item of the country. Exports of smart phones and computer parts account for more in export earnings than oil and garments.

The country is poised to become the world’s largest producer and exporter of coffee. The country is the world’s second largest coffee exporter, after Brazil. However, it is expected that Vietnam has the potential to overtake Brazil due to its favourable climate conditions and low cost of production.

Textiles consistently rank among Vietnam’s leading export industries. With more than 6000 textiles and garments manufacturing companies, the growth of garment industries has been impressive. The country is the strongest competitor for inheriting low value added textiles and apparels manufacturing from China. The share of Vietnam’s textile exports has grown in contrast to other leading exporters of the region – Indonesia, Thailand and Malaysia.

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