Heng Chivoan. TTWTO VCCI - Vietnam Import - Export Report 2020 The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020. This page provides forecast and historical data, charts, statistics, news and updates for Vietnam Net Exports. This page provides the latest reported value for - Vietnam Imports - plus previous releases . Download infographic (PDF) Imports in Vietnam decreased to 29.80 USD Billion in November from 26.13 USD Billion in October of 2021. The Kingdom's trade deficit narrowed 74.64 per cent to $1.37511 billion in 2020, from $5.42307 billion the previous year. 1 March 2021. effective recovery. The US has been Vietnam's largest export market during 2020 year-to-date, with Vietnam's exports to the US up 24% y/y. In 2020, exports to the EU reached 34.8 billion USD; notably, after 5 months of implementation (from August 1st , 2020), Viet Nam's total export turnover to the EU reached 15.4 billion USD, up 1.6% over the same period last year. As per the 2021 record, the total exports of Vietnam are 26.55 billion USD that is about 10.5% less than last year's figure. Get in touch with us now. In that year, the export value of phones and phone accessories reached over 51 billion U.S. dollars in the country. Merchandise Trade statistics data for Vietnam (VNM) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Page Content. The report provides useful information on import and export activities in 2019; export and import market situation; negotiations and implementations of commitments under free trade agreements (FTA); the establishment of import and export mechanisms and policies; trade promotion programs; export promotion solutions; trade facilitation . Rank 2020 this month 8 Vietnam's total trade with the United States was $9.98 billion in October, a change of 14.20 percent from the same month one year ago. Notably, Vietnam acquired $221.23 million from China (up 15.68 per cent), $122.32 million from Cambodia (up 23.15 per cent), and $114.5 million from the US (up 125 per cent). Most other export sectors . Vietnam recorded a constant rise in total exports during the last five years. In 2020, Vietnam's total export turnover increased by 6.5 per cent compared to 2019, of which exports by the domestic sector decreased by 1.1 per cent and the foreign-invested sector (including crude oil) increased by 9.7 per cent. During the 11-month period, Vietnam had 31 export items earning more than US$1 billion each, accounting for 92% of total exports, and six with over US$10 billion, or 64.3%. Additionally, in June 2020, Vietnam has ratified the EVFTAs, which will bring huge opportunities for Vietnamese trade with the EU. These Q1 results reveal the rather limited impacts of the COVID -19 outbreak on these key sectors. The top three export markets of Germany, Italy, and the United States saw significant drops of 23.3, 18.5, and 17.9 percent Major UK exports to Vietnam include pharmaceuticals, machinery and equipment. 2020 : U.S. trade in goods with Vietnam. This page provides the latest reported value for - Vietnam Exports - plus previous releases . Between 2002 and 2020, GDP per capita increased 2.7 times, reaching almost US$2,800. During the last five reported years the exports of Vietnam have changed by $123B from $158B in 2014 to $280B in 2019. It imported $76.4 billion worth of products from Vietnam, up by 24.5 percent. Details may not equal totals due to rounding. European Commission Directorate-General for Trade 02-06-2021 3 Units R4 / A3 European Union, Trade with Vietnam Total goods: EU Trade flows and balance, annual data 2010 - 2020 Source Eurostat Comext - Statistical regime 4 Total goods: EU Trade flows and balance Source Eurostat Comext - Statistical regime 4 Period Imports Exports Balance Total trade ICT goods imports (% total goods imports) High-technology exports (% of manufactured exports) Merchandise exports to low- and middle-income economies within region (% of total merchandise exports) Export value index (2000 = 100) Travel services (% of commercial service exports) Commercial service exports (current US$) This was an increase of around 2.5 billion U.S. dollars over the observed timeline. Vietnam's GDP growth in 2020 was 2.91%. Meanwhile, electronics, computers. Photo courtesy of Toan Dao/SeafoodSource. In 2020, the US is leading market for Vietnam's garment and textile export, reaching nearly 14 billion USD; accounting for 47% of the total export turnover of textiles and garments of the country; down 5.8% compared to 2019. Total red meat and livestock export value to Vietnam for the 2020 fiscal year totalled A$724 million, representing 4% of Australia's total export value. The import and export in Vietnam have also had positive signs as foreign businesses shift their operation to the country. In 2019, Vietnam exported a total of $280B, making it the number 20 exporter in the world. Meanwhile, Sakhon said, unofficial paddy exports in 2020 weighed in at 2,893,951 tonnes worth more than $723 million and were shipped to neighbouring countries, mainly Vietnam. ; Nearly all regions will suffer double-digit declines in trade volumes in 2020, with exports from North America and Asia hit hardest. Rice exports soared as all big clients of Vietnam increased imports. Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. Vietnam was one of the most resilient economies in the Asia-Pacific region to the shockwaves from the global Covid-19 pandemic during 2020. In official reports, the US was the largest export market for Vietnam in 2020. - Vietnam's total import-export turnover is again flying high, exceeding the $500 billion threshold. However, for the whole year 2020, the total import value of this commodity group is 21.5 billion USD, down 11% compared to 2019. Let's check Vietnam export statistics of the last ten years. The share of commodity group 1006 in total exports from Vietnam increased by 0.071 p.p. The major drivers of this development include a growing tourism industry, the emergence of low-cost carriers, and strong . See Vietnam's exports in 2020 from total value, market, composition, etc. Vietnam's export of computers and electronic components of to Malaysia in March 2020 reached 35.9 million US $ , accounting for 1.0% of the country's share and accounting for 10.7% of the CPTPP sector, an increase of 1.0 % compared to the previous month but decreased by 4.1% compared to March 2019. Exports in Vietnam averaged 8.20 USD Billion from 1990 until 2021, reaching an all time high of 29.65 USD Billion in March of 2021 and a record low of 0.54 USD Billion in February of 1997. Read more Total export value from . NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. However, we can expect to see more drastic impacts in Q2 and Q3, as these Q1 figures do not yet In the first 11 months of 2020, Vietnam's total export and import turnover reached USD 489.88 billion, up 3.6% over the same period last year. At present, the three largest export markets in terms of animal feed are China, Cambodia, and the US, which account for 10 per cent of the total export value of these goods. The value of total textile and garment exports in the first four months of this year dropped by 6.6 per cent to $10.64 billion year on year. any brand. Download Historical Data Save as Image Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). While Thai exports in the first half of 2020 totaled 2.89 million mt, down by 34% year on year, according to the Ministry of Commerce, provisional government data cited by Reuters estimated total Vietnamese exports at around 3.5 million mt, up 5.6%. In 2020, the total value of exports from Vietnam to the European Union amounted to 34.42 billion euros. The value of merchandise exports from Vietnam totalled $ 281 billion in 2020. continuing the results achieved from vietnam import-export report 2016, 2017, 2018, 2019 and continuing to implement the industry and trade sector's plan to implement the action program to implement the import-export strategy with a vision to 2030, implementing the project to improve the competitiveness of vietnam's export products to 2020, with … In March 2020, the government started enacting fiscal and monetary policies to counter the effects of the pandemic, including a stimulus worth USD 30 billion and monetary . Imports in Vietnam averaged 8.47 USD Billion from 1990 until 2021, reaching an all time high of 28.46 USD Billion in March of 2021 and a record low of 0.74 USD Billion in February of 1999. The data reached an all-time high of 29.7 USD bn in Mar 2021 and a record low of 537.0 USD mn in Feb 1997. 10 among U.S. trade partners in October. There is growing appetite for UK goods and services. Goods exports totaled $9.9 billion; goods imports totaled $79.6 billion. The most recent exports are led by Broadcasting Equipment ($42.3B), Telephones . The U.S. goods and services trade deficit with Vietnam was $68.0 billion in 2020. In the same year, the total trade value between Vietnam and the European Union amounted to about 43.208 billion euros. 2020 marks a successful year for Vietnam exports Ngoc Thuy The US$300-billion export target set in early 2020 remains challenging, requiring not only strong efforts from local enterprises, but also the recovery of global demand amid complicated Covid-19 situation. A report issued Tuesday by the World Trade Organization (WTO) for clothing exports in the year 2020 has shown that . With such annual growth, Vietnam is among the fastest growing economies in the world. Vietnam's share of the clothing market is second only to China's since last year. Vietnam exports for 2020 was $287.76B, a 2.87% increase from 2019. The economy of Vietnam is a mixed socialist-oriented market economy, which is the 37th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP) in 2020. Except for textiles, Vietnam's exports have in fact increased in Q1 2020, as compared to Q1 2019. Vietnam is currently our 10th largest goods trading partner with $89.5 billion in total (two way) goods trade during 2020. The total import and export turnover in September 2020 were estimated at 51.5 billion USD, up 15% over the same period last year. Vietnam's exports 2020. Vietnam ranked No. Table reflects only those months for which there was trade. ; A 2021 recovery in trade is expected, but dependent on the duration of the outbreak and the effectiveness of the policy responses. Economic reforms since the launch of Đổi Mới in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world's poorest nations to a middle-income economy in one generation. In 2020, China is the largest market to supply the group of raw materials and accessories for the textile and garment and footwear industry for Vietnam, accounting for 51% with 10.9 billion USD, down more than 5% . Vietnam Steel Industry Report, 2020: Market Status, Development Environment, Imports & Exports, Major Manufacturers, Forecasts to 2024 January 29, 2020 04:23 ET | Source: Research and Markets Vietnam outdid itself with a new record by creating an eight-fold increase in rooftop solar by the end of December 2020 from only 378 megawatts (MW) in 2019. Due to the global economic slowdown exports are forecast to contract 5.5% in 2020 after robust annual growth rates 2019 and 2018. This reflects the high growth of domestic production capacity, favorable investment, production and business . A swine flu pandemic has put upward pressure on prices, but Vietnam's strong currency and low oil prices help to keep inflation at a manageable level. The rice exports to China alone reached 66,222 tons, worth $37 million. Thailand's rice export volume is estimated to reach 5.7 million tonnes in 2020 with revenue of about 3.8 billion USD, down 12 percent year on year, according to Thai Rice Exporters Association . Lower exports to the Philippines and Malaysia (down 53%) were partially offset by gains in China (12%), Ivory Coast (29%) and Ghana (28%). Exports in Vietnam increased to 34.50 USD Billion in December from 31.87 USD Billion in November of 2021. Major increase in the value of total export commodities recorded in the last two years when Vietnam did above US$ 200000 million of export business in the world. In the first two months of 2020, Vietnam exported $430.5 million worth of rice, an increase of 31.7 percent in volume and 39.4 percent in turnover compared with the same period 2019. For the period 2016-2021, Vietnam is expected to have the highest average growth rate in Southeast Asia at 17.4 percent, compared to the 6.1 percent in ASEAN. Net Exports for Vietnam from General Statistics Office of Vietnam for the GDP release. Vietnam exports for 2017 was $227.35B, a 18.29% increase from 2016. World merchandise trade is set to plummet by between 13 and 32% in 2020 due to the COVID-19 pandemic. The Philippines remained the largest importer of Vietnam rice, accounting for 36% of the total exports, although quantity dropped by 27% to 944,000 tonnes in 2020-21, the report said. Vietnam exports for 2018 was $259.51B, a 14.15% increase from 2017. By the end of April 2020, Vietnam's total tuna export value reached US $ 196 million, down 16% compared to the same period in 2019. Goods exports grew up by $ 16.8 billion in 2020 (the value of merchandise exports from Vietnam amounted to $264 billion in 2019) Exports | Vietnam Export destinations of commodities from Vietnam Open MAIN POINTS. Among Vietnam's key export staples, phones and parts are predicted to gross the largest export turnover during the January-November period with US$46.9 billion, down 3.4% . If noting that Vietnam exported $177 billion worth of products in 2016, the export growth rate in 2016-2020 would be 11.7 percent per annum, higher than the target of 10 percent. In the first half of 2020, when foreign trade fell short of the target, the MoIT and other authorities made strenuous efforts to create the best conditions for import and export enterprises, while . Vietnam is the sixth largest market for Australian red meat and livestock exports, and is one of the fastest growing. production, and the biofuel industry. Vietnam's trade surplus with the US during the first ten months of 2020 reached USD 50.7 billion, compared with a trade surplus of USD 55.8 billion for the full 2019 calendar year. In contrast, in 2019, total export turnover increased by 8.1 per cent compared to 2018, of which In 2020, the total value of exports from Indonesia to Vietnam amounted to approximately 4.9 billion U.S. dollars. Inflation is expected to increase above 3% in 2020 and 2021. During the last five reported years the exports of Vietnam have changed by $123B from $158B in 2014 to $280B in 2019. Total export value rises 16.7% in 2020. amounted to 0.991% of total exports from Vietnam (cumulative merchandise exports from Vietnam totalled $ 281 billion in 2020). This article provides you with essential information about export in Vietnam. Month. As demand from Vietnam and other . Due to the heavy demand from the manufacturing companies, Vietnam exports its wide range of products to foreign countries. In 2020, Vietnam's shrimp exports reached 3.85 billion USD, up 15% compared to 2019, despite many difficulties caused by the COVID-19 pandemic. In March 2020, Vietnam's textile and garment exports to Japan reached US$ 349.5 million, accounting for 14.9% of the national share and accounting for up to 75.5% of the CPTPP group, an increase by 25.2% compared to the previous month and by 9.1% compared to March 2019. The fall in exports to Vietnam was offset by an increase in exports to other destinations, and that prevented a big fall in trade volume and value in 2020-21. COVID-19 buffeted Vietnam's economy in early 2020, resulting in layoffs and unemployment, decreased consumption, and a projected decrease in the country's growth rate. Vietnam has been a development success story. Notably, the share of smartphones in the nation's total exports last year declined to 18 per cent in 2020 from 30 per cent in the previous year, indicating that Vietnam's exports are becoming more diversified. Vietnam Total Exports recorded 25.5 USD bn in Apr 2021, compared with 29.7 USD bn in the previous month. In 2019, Vietnam exported a total of $280B, making it the number 20 exporter in the world. Vietnam Exports in Last 10 Years. compared to 2019 (it was 0.919% in 2019 and cumulative exports from Vietnam were equal to $ 264 billion). Electronic products—the country's top export commodity accounting for more than half of shipments to foreign buyers—shrank 7.6 percent to $36.98 billion in 2020. Ten significant events in industry and trade in 2019. The average value for Vietnam during that period was 43557.19 million U.S. dollars with a minimum of 3013.2 million U.S. dollars in 2008 and a maximum of 101537.1 million U.S. dollars in 2020. Value of exports from Indonesia to Vietnam 2013-2020. Therefore, the feed industry will Vietnam possesses strong demand growth fundamentals Vietnam Exports Vietnam coffee exports in the first six months of MY20/21 fell by approximately 13 percent to 11 million bags, the lowest level in the past ten years, according to trade contacts. Based on Vietnam Customs statistics, Vietnam exported 2.5MMT of cassava and cassava products in CY2019, a 4 percent increase from the previous year, with the Chinese market accounting for 89 percent of the total export value. He added that total paddy and milled-rice supply to domestic and international markets last year clocked in at as much as $3.82 billion, underscoring the Kingdom's . NDO/VNA - Of the six ASEAN nations, only Vietnam posted an increase in exports for 2020, up 7% to US$282.66 billion, according to The Straits Times. However, there are also some good signals from import markets such as Japan and Egypt. However, smartphones continue to be Vietnam's most important export at the moment. Exporting to EU ranked second in turnover, reaching 3.6 billion USD; accounting for 12%, down 15%. Vietnam Total Exports data is updated monthly, available from Jan 1997 to Apr 2021, with an averaged value of 4.9 USD bn. In 2020, phones and the related components exports had the largest turnover amongst Vietnam's major commodities exports, at approximately 51 billion U.S. dollars. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization. Vietnam targeting USD 8.9 billion in earnings from seafood exports in 2022. In 2020, the largest share of Vietnam's exports belonged to phones and parts, accounting for 18.1 percent of the country's total exports. Data are in current U.S. dollars. In 2020, the exports of textile and garment products from Vietnam decreased by ten percent compared to the year before, accounting for the first negative . Total exports to the Middle East were down from 57% in 2019 to 19% in 2020, reflecting the economic impact of coronavirus (COVID-19) on regional defence budgets and the price of oil. overall export levels to its key export destinations. Strong economic recovery continued in the first half of 2021, with GDP in the second quarter of 2021 rising by 6.6% year-on-year. Vietnam moved up four grades to become the second largest exporter to the US in 2020, with its export turnover to the country surging 24.5 percent to an estimated 76.4 billion USD. Share of phones and phone parts exports in total exports in Vietnam from 2010 to 2020 Date: 2020. Up to now, Vietnam's tuna export to the market has not had any sign yet. determinants of total export and agricultural commodity export, especially its rice export. The Kingdom exported $17.21537 billion worth of goods last year, up by 16.72 per cent from $14.74874 billion in 2019, even as the Covid-19 pandemic upended the world . The change in exports was -0.23 percent and the change in imports was 15.63 percent. Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing . In 2020, Vietnam has set a target that the country's total import-export turnover will increase by 7-8 per cent on-year. Vietnam is the world's seventh fastest-growing aviation market. However, due to low domestic raw shrimp prices until the end of October 2020, shrimp farmers were not interested in producing new crops, leading to a shortage in supply of raw shrimp in . By: Vietnam's Ministry of Industry and Trade. The latest value from 2020 is 101537.1 million U.S. dollars. Research on Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA) by Nguyen and Heo (2009) applied the fixed (FE) and random effects (RE) with this model to identify the AFTA's impacts on the total trade volume between Vietnam and . Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. In macroeconomic terms, Vietnam's total exported goods represent 30.3% of its overall Gross Domestic Product for 2020 ($1.148 trillion valued in Purchasing Power Parity US dollars). Vietnam exports for 2019 was $279.72B, a 7.79% increase from 2018. , Apr 16, 2021. What is more jaw-dropping is that 6 GW out of the 9.3 GW was built in the last month of 2020; when the solar rooftop feed-in-tariff from the government was about to expire. Meanwhile, the total import value was $6.39 billion . Vietnam is planning to gain USD 8.9 billion (EUR 7.86 billion) from seafood exports in 2022, unchanged from the estimated value in 2021, the General Department said on 23 December …. 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