As per the Vietnam Statistics data, the trade turnover of the country in the first nine months of 2021 reached $483.17 billion on a Year on Year increase of 24.4% . Vietnam is the 20th importer of the country in the world.

The economy of Vietnam has grown by 6.5% in 2021. As per the Vietnam Export Data the United States of America remains the country’s biggest export market followed by China and the EU. The US was the largest export market of the country starting from January 2021 to April 2021 with a value of US$30.3 billion followed by China and EU.

The country has emerged as a major electronics exporter with electrical and electronic goods surpassing coffee, textiles, rice to become the top export item. This is due to increased imports from several Asian countries including Japan, South Korea and China. 95% of the exports of Vietnam are dominated by countries that produce smart phones and CCTVs.

As per Vietnam Import Data decreased in November to 29.80 USD billion from 26.13 USD billion in the month of October 2021. The main imports of Vietnam are computers, electrical products and parts. Main import partners are China, South Korea, Japan, Taiwan, Thailand and the United States.

As per the Vietnam Custom data, the country earned $254 billion from exports and spent $256.45 billion on imports, resulting in a trade deficit of $2.45 billion by October. The monthly balance of trade has shifted to a trade deficit since the beginning of the second quarter and this trend is showing signs of reducing with just $100 million of trade deficit recorded in first few months of the year 2021.

The country’s trade surplus declined to USD 0.1 billion in November from USD 0.55 billion in the same month a year earlier. This is because of declining imports. Exports of the country rose to 18.5% from a year earlier to USD 29.9 billion while the imports advanced at a faster rate of 20.8% to USD 29.8 billion.

Since the year 2012, the country has been reporting trade surpluses more frequently as exports growth have been stronger than imports. In a nutshell the export story of the country is the strikingly similar to China. The reason for the country’s success in exports is because more than 80% of market value of exports of the Vietnam is by large enterprises.

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Between April 2020 And April 2021, The Exports Of The Philippines Have Increased By $2.95B