DO YOU KNOW? VIETNAM AND THE UNITED STATES ARE THE WORLD’S BEST ALLIES
HIGHLIGHTS OF VIETNAM AND THE US
Vietnam is also known as the Socialist Republic of Vietnam and is situated in the southeastern part of the Asian continent. It is the world’s 16th most populous country with a total population of 96 million citizens as of the year 2020. Vietnam is one of the most rapidly growing countries in the world and it is forecasted that by 2050, the economy of Vietnam will be at pace with the economy of developed nations. Vietnam is a proud member of various groups such as ASEAN, APEC, CPTPP, OIF, and WTO.
On the other hand, the United States is the most developed nation in the world that is equipped with all types of high-tech and futuristic items like automobiles, defense systems, arms, ammunition, gadgets, etc. the US is in 1st position with respect to imports, exports, GDP, and many more economic factors. It is the founder and one of the permanent members of the UN. The US has its intervention in all major decisions of the world.
THE US AND VIETNAM TRADE RELATIONS DECODED
The trade relations between both countries are good and growing every year. The most popular trade, the bilateral trade relationship between the US and Vietnam that lasted from 1990 to 2012 was the most fruitful trade agreement between both countries. Total trade turnover from 2001 to 2011 rose by 1200%, i.e., from USD 1.5 billion to USD 20 billion. Many more trade agreements such as PNTR and TIFA gave extra mileage to the trade between these two countries.
In the year 2011, Vietnam became the 26th largest import partner (USD 17.5 billion) and the 45th export partner (USD 3.7 billion) of the United States.
Currently, certain negotiations are going on between the officials of Vietnam and the US regarding a new agreement that will again give a boost to the bilateral trade between both countries.
MAJOR EXPORTS & IMPORTS FROM AND TO UNITED STATES TO VIETNAM IN 2020
Based on the US Export Data for the year 2020, the US exported goods worth USD 10.2 billion to Vietnam. The major products that were exported from the US as listed in the US Export Data were:
- Integrated circuits (USD 1.75 billion)
- Raw cotton (USD 1.20 billion)
- Soybeans (USD 410 million)
Growth of 16.1% is observed in the total exports from the US to Vietnam annually in the last 25 years.
If we talk about Imports, then in a span of 25 years, the total imports to the US from Vietnam grew by 27% annually resulting in total imports of USD 77 billion, as mentioned in the US Import Data for the year 2020.
Although numerous products were imported by the US from Vietnam, as per the US Import Data the major products were:
- Broadcasting equipment (USD 14.21 billion)
- Furniture items (USD 5.40 billion)
- Semiconductor devices (USD 3.21 billion)
CURRENT MARKET TRENDS OF US TRADE DATA – DECEMBER 2022
After sharing the insights and statistical figures for the year 2020, now we are going to see some stats from the present market status of trade between the US and Vietnam for the month of December 2022.
Based on the customs data report released in December 2022, we get to know that in one month, the US exported goods worth USD 800 million to Vietnam and in return imported goods worth USD 8.54 billion from Vietnam landing into a massive trade deficit of almost USD 7.8 billion. On comparing the exports of the US to Vietnam with December 2021, we noticed a decline of USD 260 million which is close to -25%, whereas imports declined by USD 1.04 billion or -10.8%.
As per US Export Data for December 2022, the major goods exported from the US to Vietnam were:
- Raw cotton (USD 120 million)
- Telephones or mobile devices (USD 63 million)
- Integrated circuits (USD 57.99 million)
- Soybeans (USD 43.1 million)
- Recovered/recycled paper (USD 31.3 million)
As per US Import Data for December 2022, the major goods imported to the US from Vietnam were:
- Telephones or mobile devices (USD 2.5 billion)
- Furniture items (USD 585 million)
- Microphones & headphones (USD 475 million)
- Seats (USD 365 million)
- Spare parts of office machinery (USD 342 million)
WHAT DOES USIMPORTDATA ECONOMICS SAYS…
As we reach towards the conclusion we just want to add that the trade relations are good and in fact strong enough between both countries and according to our market intelligence, this trade relation would go a long way. We predict that many more agreements related to trade are going to get signed by both nations to give a mileage to their trade. Any marketer or trader who is interested to trade his/her product can definitely target these 2 countries as there is a lot of scope for scalability and growth as of now.
QUICK TIP
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