Vietnam's overall trade hit record $524 billion this year

 

Vietnam is a very fast paced market. Vietnam is making the most out of its exports and posing a strong competition to China. In a short time, Vietnam has become a major hub for electronics, electricals, footwear, textiles. According to the Vietnam import export data, the country’s overall trade crossed over $524 billion this year.

In terms of exports, Vietnam exports were down this year by $24 billion. Vietnam export data reflects that Vietnam exports reached over $274 billion in this financial year 2023. During September 2023, Vietnam’s exports were totaled to be $30 billion which is fractional short as compared to $32 billion during August month. 

Vietnam’s exports are extremely hampered by low textiles demand across the global market. Vietnam is the leading textiles export market globally. Its major markets are European countries and the United States.The overall textiles export turnover for Vietnam was estimated to be $40 billion this year. 

Whereas, there was positive growth for Vietnam's fruits and vegetables exports. According to Vietnam customs data reports, around $2.8 billion during the first half of the fiscal year 2023. Compared to the previous year, there was over 62% increase in Vietnam's exports.  Also, the country’s rice exports have shown strong growth of 20% during this fiscal year.

For the financial year 2023, Vietnam’s rice exports reached over $2.2 billion dollars. Coffee was another major export commodity from Vietnam with positive growth of 3% in the current financial year. The overall exports are estimated to be $2.5 billion in FY 2023. Vietnam’s cashew nuts exports have seen a 10% increase, and stood at $1.7 billion this year.

Vietnam import data shows that the imports reached over $250 billion during this fiscal year. On the other hand, there was around $358 billion during FY 2022 with over 15% increase as compared to previous year.

Integrated circuits were the leading most imported goods by Vietnam, having 12% share. Vietnam’s major exports were telephones, fabrics, telecommunication equipment, petroleum products, and coal. The most prominent markets for Vietnam’s exports include China, South Korea, Japan, Taiwan, Thailand and the United States. In September 2023, China exported over $10 billion worth of goods to Vietnam. These were mostly Integrated circuits, telephones, fabrics, steel goods, LCDs, Electric batteries, etc.

South Korea was the second leading exporter to Vietnam with over 17% share in the country's overall imports. South Korean exports to Vietnam include electronics equipment, machinery, plastics, metals,fuels and fabrics. Both nations are looking forward to boosting bilateral trade to $100 billion by 2024.

Japan, Taiwan, Thailand, the United States and Malaysia were other major exporters to Vietnam. Also, global import export data provider reflects that Vietnam’s trade deficit has come down to a significant level. Vietnam's trade deficit to the US dropped to 24% followed by the European Union (9%), China (30%), and South Korea (32%).

Vietnam’s exports are progressing at an express rate. Vietnam exporters can further contribute to the country’s economy and enhance their sales with trade information. Through the Global Trade Intelligence System, they can analyze their product demand, set competitive pricing, explore potential markets and pitch genuine buyers. It is the world leading global trade database that can lend you genuine leads at affordable cost.