Vietnam's exports to EU & US dropped to 9%

 

Despite the global recession period, Vietnam has recorded rapid growth in 2023. Vietnam has made its mark across the world's two most dominant markets, the United States and European Union. Vietnam's economy remained positive in the last year. As per Vietnam import export data reports, the overall trade to the United States was recorded to be $90 Billion and EU was estimated to be around $31 Billion during FY 2023.

Although the EU has reduced its imports from non European countries and the United States imports dropped by 6%. This resulted in a 9% drop in Vietnam’s exports to the United States and European Union. Vietnam export data shows that the country's overall exports to the United States and EU were recorded to be $156 Billion in FY 2023.

During the financial year 2023, the United States has imported around $92 Billion worth of goods from Vietnam. The export of Vietnam's iron, steel, cameras and its components saw an increase of 24% during last year. Whereas, the prominent exports of Vietnam such as machinery, electronic items, textiles, leather items, computers, seafood and wood articles dropped by 10% in 2023. 

The highest amount of increase was shown in Vietnam's agricultural products exports, 50%. In which, cashews, fruits and vegetables exports were up by 10%. According to Vietnam customs data, the South Asian nation exported around $64 billion worth of goods across the European countries. 

These were mainly smartphones, electronic items, coffee, seafood, rice, furniture, footwear, apparel and textiles items. Natsteelvina, LG Display, Intel and Samsung Electronics were the leading export companies from Vietnam responsible for the maximum amount of shipments to the EU and the United States.

Whereas, Vietnam’s imports from the European Union and the United States reduced by 9%. As per Vietnam import data, the country’s imports from EU and the United States were recorded to be $40 billion during 2023. The key imports were scrap iron,  soybeans, raw cotton, sawn wood, starch residue, integrated circuits, diagnostic or laboratory reagents, tin ores, frozen toothfish, mechano-therapy appliances, paperboard, adaptor, etc.

Apart from the United States and European market, Vietnam recorded rapid exports growth across the Canadian market. During the financial year 2023, Vietnam exported over $5.5 billion worth of goods to Canada. These include mobile phones, rubber, motor vehicles, steel, clothing, machines, cotton, etc. Vietnam's exports to Canada might increase further in FY 2024.

Despite import restrictions with the EU and the United States, the free trade agreement of Vietnam with these has helped the South Asian nation to maintain its growth across the US and EU. Furthermore, the import export businesses from Vietnam can spot opportunities in these markets through the analytical reports offered by the Global import export data provider.

Through their reports, Vietnamese companies can find insights about the top imports of EU and the USA from Vietnam, their buyers, the price and quantity in which they are buying, identify competition, identify market risk and spot key performance indicators for their business. These global trade reports will cost a little and lend you more genuine leads from the European and the USA market.