VIETNAM’S IMPORTS AND EXPORTS FOR THE YEAR 2022

by Tradeimex Solution Import Export

Vietnam is also better known as the “Socialist Republic of Vietnam”. This nation is situated in the Southeastern part of Asia, covering a total land area of 331,212 km2. Vietnam is also the fifteenth-most populous and dense country in the world. The Socialist Republic of Vietnam shares its land and maritime borders with a number of countries such as China, Cambodia, Thailand, the Philippines, and Malaysia.

Vietnam is indeed a developing nation whose economy is based on a lower-middle income slab. It is one of the most rapidly growing countries in the world and its GDP is predicted to come at par with most of the developed nations by the year 2050.  As per the recent projections and analysis, the rank of Vietnam as per Nominal GDP basis would be 34^th in the year 2023, while on the basis of PPP, the ranking would be 26th by the end of this year.

VIETNAM IMPORT DATA – TRENDS AND FIGURES

Vietnam is a medium size country with a population of 9.75 crores in 2021. As per the Vietnam Import Data presented in the year 2022, Vietnam imported goods worth USD 356.19 billion.

Vietnam majorly dealt in importing the following things from the rest of the world throughout the year 2022:

·        Electrical Machinery and equipment (USD 124.06 billion)

·        Machinery (USD 30 billion)

·        Plastics (USD 18.96 billion)

·        Mineral Fuels and Oils (USD 17.03 billion)

·        Iron and steel (USD 12.72 billion)

·        Vehicles (USD 10.2 billion)

·        Knitted fabrics (USD 7.98 billion)

·        Optical and precision tools (USD 7.36 billion)

·        Organic chemicals (USD 5.45 billion)

·        Cotton (USD 5.28 billion)

More than 60% of total imports to Vietnam constitute these top 10 product categories. Other significant imports to the nation were medical items, cereals, copper items, and furniture.

MAJOR EXPORTS FROM VIETNAM TO THE WORLD IN THE YEAR 2022

Vietnam is a rapidly growing country in the world. Agriculture is the strongest economic sector for this nation, primarily for wet rice and Bauxite. Moving toward the industrial sector, crude oil trade and manufacturing businesses take the lead.

As per Vietnam Export Data report, Vietnam exports goods worth USD 458.10 billion. Out of all, the majority of exports are from the following product categories:

·        Electrical machines and equipment (USD 187.08 billion)

·        Machinery and appliances (USD 40.07 billion)

·        Footwear (USD 33.73 billion)

·        Furniture products (USD 21.08 billion)

·        Clothing items and garments (USD 20.14 billion)

·        Plastic products (USD 8.87 billion)

·        Iron and steel (USD 8.49 billion)

·        Small aquatic animals (USD 7.59 billion)

·        Wooden items and products (USD 6.92 billion)

·        Toys and kids’ games (USD 6.80 billion)

According to Vietnam Trade Data for the year 2022, the top 10 goods exported from the country account for more than 70% of overall exports. Other crucial exports from the nation were rubberized products, automobiles, and leather items.

THE CONCLUSION IS OUT- HERE’S WHAT’S IN

First and foremost, we are glad that you are reading this blog here and have attained some knowledge about the top imports and exports of Vietnam in the year 2022. Now it’s time to conclude by stating that if any marketer or trader is interested and willing to do international business with Vietnam, then studying Vietnam Trade Data became the most important step as the economy of Vietnam is quite vibrant and diversified. The international integration of Vietnam with other nations is predicted to grow in the future. To make your study easier, contact TradeImeX today and get answers to all your questions about the Import Export Data and Global Trade of any nation.

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Created on Jun 7th 2023 05:53. Viewed 213 times.

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