Exploring Vietnam’s Major Imports and Exports
Vietnam, situated in Southeast Asia, is a major contributor in the global economy. Its strategic location has made it a hub for international trade. Let’s explore Vietnam’s major imports and exports, highlighting the key commodities that contribute to the country’s economic growth and global trade relationships.
Major Imports of Vietnam:
The main imports of the country according to the Vietnam import data Custom Database are Telephones ($20.7B), Light Rubberized Knitted Fabric ($6.29B), integrated circuits ($39.8B) Broadcasting Accessories ($5.38B) and Refined Petroleum ($4.76B). China, South Korea, Japan, Thailanda and Taipei are the key import partners.
Major Exports of Vietnam:
Let’s explore the top exports of Vietnam and its partner countries.
Mobile Phones and Accessories: Vietnam has become a major player in the world export market, thanks to its strong production capabilities, low labor costs and tax incentives for foreign investors. Mobile phones and accessories make up the largest segment of Vietnam’s exports.
The country boasts the world’s second largest mobile phone and accessories market after China, with exports of over $59.29 billion in 2022. This is largely due to the fact that Vietnam is home to numerous electronics manufacturing companies, such as Samsung, VinSmart and Sony.
Computers and Electronics: Computers and electronics are the second largest portion of Vietnam’s exports. The country is a major supplier of components for numerous consumer electronics and its production capabilities make it an ideal hub to outsource production.
The country produces a variety of products, including LCD monitors, processors and hard drives. Exports of these items totaled an estimated $55.24 billion in 2022. Vietnam is also a major exporter of computer hardware.
Machinery and instruments: Machinery and instruments make up the third largest portion of Vietnam’s exports. The country is a major manufacturer of industrial machinery, such as tractors, harvester, and roadway vehicles. It is also a leading supplier of medical equipment, tools and instrumentation. These products are in high demand worldwide and Vietnam is well-positioned to capitalize on this demand.
In 2022, Vietnam exported over $45.72 billion worth of machinery and instruments.
Garments and Textiles: Vietnamese exports of clothing and textiles contribute significantly to the country’s GDP and support millions of jobs. It is well known for producing high-quality fabrics and clothing that are exported to other regions. From fashion apparel to home furnishing fabrics, Vietnam is a key player in the international garment and textile trade.
After China and Bangladesh, Vietnam is the third-largest exporter of textiles and apparel worldwide. It is the leading exporter of cotton yarn and ranks among the top 10 producers of cotton and silk goods. Vietnam is also a significant supplier of apparel made of synthetic textiles such as polyester and nylon.
The country produces 5.35% of the world’s knitwear, making it the second-largest manufacturer in the world.
Top Partners for Export and Import from Vietnam:
Vietnam’s economy, which is among the fastest-growing in the world and has a GDP ranking of 39, depends heavily on exports. Vietnam has become a significant player in the global trade sector, with exports rising annually.
Vietnam’s total exports came in at $356b, while imports counted at $331b in 2021 according to the Vietnam export data from the customs department.
Here is the list of major export partners of Vietnam:
- United States ($99.3B)
- China ($57.8B)
- South Korea ($22.6B)
- Japan ($21.3B)
- Hong Kong ($12.5B)
Vietnam’s major import partners are:
- China ($129B)
- South Korea ($56.5B)
- Japan ($18.2B)
- Taipei ($14.8B)
- Thailand ($12.2B)
The Significance of Accurate Import and Export Data for Businesses:
For businesses involved in international trade, having reliable import and export data is important. Such data enables businesses to make informed decisions, identify market trends and seize opportunities.
Reliable import and export data provides insights into demand patterns, trade volumes and potential trading partners. This information empowers companies to optimize their supply chains, align production with market needs, and stay ahead in a competitive global landscape.
Import Globals: Your Reliable Data Provider:
When it comes to accessing reliable import and export data, Import Globals stands out as a trusted partner. Import Globals offers a comprehensive database that provides real-time information on Vietnam’s trade dynamics. By utilizing their platform, businesses gain valuable insights into trade volumes, emerging markets, and industry trends.
Import Globals‘ accurate data helps companies identify potential suppliers or buyers, explore new market opportunities, and mitigate risks associated with international trade.
Conclusion:
Vietnam’s role in the global economy is reinforced by its major imports and exports. The country’s imports, comprising machinery, electronics, and textiles, support its industrial growth and domestic demand. Meanwhile, Vietnam’s exports, ranging from textiles and electronics to agricultural products, have established its reputation as a reliable trading partner.
Accurate import and export data play a vital role in empowering businesses to navigate Vietnam’s dynamic trade landscape. With Import Globals‘ reliable data offerings, companies can seize opportunities, optimize their operations and contribute to Vietnam’s continued economic growth through international trade.