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2020 was a challenging year. Japan, the United States and the EU all have an 8 % share in ASEAN imports. According to Vietnam Customs, by the end of November 2020, the total trade turnover between the two countries reached US$9.08 billion, of which, Vietnam's export turnover reached US$6.05 billion, up 0.5 percent over the same period in 2019. Vietnam Trade Balance recorded a surplus of 2.7 USD bn in Oct 2021, compared with a surplus of 360.1 USD mn in the previous month. Trade and Investment at a Glance is a statistical snapshot of Australia's trade and investment performance over 2019-20. According to the preliminary data from the Vietnamese government, manufacturing greatly contributed to expanding the trade balance, and the trade surplus including services should exceed USD 19 billion for the first time in 2019. the GDP per capita of Vietnam for the past4years. Details may not equal totals due to rounding. -16,312.72 USD Million. The European Parliament subsequently gave its consent to both Agreements on 12 February 2020 and the Free Trade Agreement was concluded by Council on 30 March 2020. Vietnam trade balance for 2019 was $8.36B, a 1.53% increase from 2018. Table reflects only those months for which there was trade. NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. In addition, Singapore went from a -$9.5 billion trade deficit in 2019 to post a $5 billion surplus for 2020. The European Union and Vietnam signed a Trade Agreement and an Investment Protection Agreement on 30 June 2019. The economy of Vietnam is a mixed socialist-oriented market economy, which is the 37th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP) in 2020. Text. Vietnam was a major beneficiary of enhanced trade ties; in 2020, Vietnam held a USD 63.4 billion trade surplus with the United States. Trade deficit for the month stood at $1.777 billion, lower than $1.783 billion in September 2020 and $3.573 billion in October 2019. 07/29/2019 03:16 PM EDT. products of Vietnam and also the three main export and import trading partnersfor a specific year between 2010 and 2019. Balance." Throughout Thailand's host year, the APEC 2022 logo will be used to represent Thailand's theme and priorities. Trade Balance The U.S. trade balance with Singapore shifted from a goods trade surplus of $4.8 billion in 2019 to a goods trade deficit of $3.9 billion in 2020. . and Vietnam. 2019 : U.S. trade in goods with Vietnam . Meanwhile, bilateral trade grew 261 percent between 2013 and 2019, from $29.7 billion to $77.6 billion. Merchandise Trade summary statistics data for Vietnam (VNM) including exports and imports, applied tariffs, top export and import by partner countries and top exported/imported product groups, along with development indicators from WDI such as GDP, GNI per capita, trade balance and trade as percentage of GDP for year 2019 Jun 1975. Mainly due to the $278 million increase in U.S. total exports of crude petroleum, the trade balance for energy-related products moved from a trade deficit of $49 million in 2018 to a trade surplus of $329 million in 2019. Vietnam Trade Balance data is updated monthly, available from Jan 1996 to Oct 2021, with an averaged value of -219.7 USD mn. Minister of Industry and Trade Tran Tuan Anh reported that Vietnam exported $281.5 billion worth of products in 2020, up by 6.5 percent over 2019, and witnessed a record high trade surplus of $19.1 billion. November 11, 2019 . Imports Vietnam, Service imports (BoP, current US$) is 18,988,000,000.00. Trade (% of GDP) - Vietnam. U.S. goods exports to Vietnam were worth over $10 billion in 2020, and U.S. goods imports in 2020 were worth $79.6 billion. Menu. (2020) explore the two trade balance closures in more detail, in a study of alternative trade balance closures in dynamic baselines. None. The United States has been running consistent trade deficits since 1976 due to high imports of oil . In the first half of 2019, Vietnam's trade surplus with the U.S. rose 39% to $25.3 billion. Present. Trade balance of Vietnam 2020. Compared with 2019, the trade balance has in fact improved in the first seven months of this year, aided by higher valued exports. Vietnam Balance of Trade. 1950 - 2021. Present an estimate of the openness to trade of Vietnam over the past4years. Vietnam trade balance for 2020 was $7.93B, a 5.17% decline from 2019. Similar values. Francois joined the IMF in 2009 and was previously the IMF Resident Representative in Georgia. Vietnam Major Exports. One result of this success: Vietnam's trade surplus in goods with the United States has soared from $31.98 billion in 2016 to $39.49 billion in 2018, and is up 39 percent through June of this year. In 2017, Vietnam successfully chaired the Asia-Pacific Economic Cooperation (APEC . Vietnam - Trade Balance. When commercial presence in another country (mode 3) is accounted for, trade in services was worth US$ 13.3 trillion in 2017. That is, most products are imported from these countries to Vietnam. Machinery (Discontinued archives and data series) January 16, 2018 minor revision. This publication captures the impact of the summer 's bushfires as well as the early effects of COVID-19 and the Government 's response. Analyse the year which . The two-way trade expanded to US$56.45 billion (according to the GSO). Trade Balance The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020, a 25.3 percent increase ($14.1 billion) over 2019. A small portion of these increases was offset by the decrease in U.S. imports of energy-related products from Vietnam in 2019. Since then, with the exception of 2009, China's . Bilateral trade increased by nearly 32% in 2019, and the U.S. trade deficit with Vietnam rose to nearly $56 billion, an increase of 42% over 2018. DataBank Microdata Data Catalog. Browse by Country or Indicator. Graph and download economic data for Balance of Payments: Total Net Current Account for Vietnam (VNMBCABP6USD) from 2016 to 2024 about Viet Nam, current account, BOP, and Net. Table reflects only those months for which there was trade. According to Aat Pisanwanich, Director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce, Thai-EU trade will decline in coming months without a trade deal to rival the new Vietnam-EU agreement. License : CC BY-4.0. Same region. Country Investment Statistics Profile (Investment) December 19, 2018 . Age structure in Vietnam 2020. . Exports edged up 0.3 percent from a year earlier to USD 27.3 billion, while imports advanced at a faster 8.1 percent to USD 26.2 billion. June 19, 2019, consideration of the staff report that concluded the Article IV consultation with Vietnam. Aggregates. Steel Trade Balance In 2005, China's steel exports and imports were virtually in balance. Investment During the last five reported years the imports of Vietnam changed by $95.2B from $168B in 2014 to $263B in 2019. This page provides forecast and historical data, charts, statistics, news and updates for Vietnam Net Exports. The unveiling of the APEC 2022 Logoa work created by Mr. Chawanon Wongtrakuljongis inspired by a "Chalom", a Thai bamboo basket used to carry items to travel from generation to generation. Present the Balance of Trade of Vietnam for the past 4years. The United States has a services trade surplus of an estimated $13.5 billion with Singapore in 2020, down 6.2 percent from 2019. Download Historical Data. National debt of Vietnam 2026 . . Vietnam trade balance for 2017 was $6.27B, a 19.26% increase from 2016. Vietnamese officials say they're making good-faith efforts to trim it. U.S. goods exports to Vietnam in 2020 were nearly USD 10 billion, slightly decreased from USD 10.9 in 2019 and an increase of 270 percent compared to 2010. Rank 2020 this month. Vietnam trade balance for 2018 was $8.23B, a 31.27% increase from 2017. Vietnam's trade surplus decreased to USD 1.1 billion in October of 2021 from USD 2.94 billion in the same month a year earlier, mainly due to rising imports, preliminary data showed. . He worked on a number of countries, including Russia, Luxembourg, Cyprus, Pakistan, Senegal, and Myanmar. Vietnam, Exports of goods and services as percentage of GDP is 106.80 %. 1996 - 2019 Current account balance (% of GDP) . Vietnam is Australia's fourteenth largest trading partner (2019) and Australia is estimated to be Vietnam's fourteenth largest trading partner (2018). HS Code Import USD$ (85) Electrical Machinery: $38,816,151,296 (27) Oil & Mineral Fuels Second, the U.S. may be distracted by the trade war, which is a possible benefit for Vietnam that has . Since 2016, Chinese exports have trended down, but are still up 169.7 percent for the period from 2009 to 2019. The United States has a services trade surplus of an estimated $1.7 billion with Vietnam in 2020, up 21.2 percent from 2019. Current account balance (BoP, current US$) Vietnam. Given the recent trade war between China and the US, alongside Vietnam's recent CPTPP ratification, and the signing of the EU-Vietnam FTA, the country is steadily becoming more open to international trade and investment.. 07/29/2019 03:16 PM EDT. most in 2019 from Qatar (5,267%), and Vietnam (3,246%), which represents reimportation of products finished elsewhere. In 2019, the EU constituted the second most important overseas market for Vietnamese products. Vietnam GDP in current US dollar was 261,921 million. Development Indicators 2019. Vietnam must take steps to reduce its trade deficit with the United States and open its market to more U.S. goods and services, U.S. Trade Representative Robert . Vietnam's strong economic growth, a shift towards a more market-based economy, and . This brought the total trade in the 10-month . After the economy slumped into contraction in Q3with GDP shrinking at the fastest rate since records began in 2000conditions appear to be improving in Q4. Its overall score has increased by 2.9 points, primarily because of an improvement in fiscal health. Life expectancy at birth in Vietnam 2019, by gender. Close. Investment Net trade in goods and services (BoP, current US$) Foreign direct investment, net (BoP, current US$) After a brief decline in exports in 2009, due to the global recession, China's exports increased every year through 2015. The data reached an all-time high of 5.0 USD bn in Aug 2020 and a record low of -2.9 USD bn in May 2008. US exports in value to China have risen 34.7% in the first seven months of 2021 compared to 2019, and at USD 72.4 billion, exports this year are 14.1% higher than in the same period of 2017, before trade war tariffs . -80934 USD Million. As a result Vietnamese exports to the U.S. increased 28% in the first three quarters of 2019. Vietnam's economic freedom score is 61.7, making its economy the 90th freest in the 2021 Index. Total two-way services trade for 2019 was $3.4 billion. Trade between the UK and Vietnam 16.Vietnam is the UK's 39th largest trading partner, accounting for 0.4% of total UK trade of total UK trade.1 Total trade in goods and services between the UK and Vietnam was 5.8 billion in 2019.2 17.In 2019, UK exports to Vietnam were 862 million, making it the UK's 66th largest export Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization. The six largest trade in goods partners of ASEAN countries in 2019 are shown in Figure 1. Vietnam must take steps to reduce its trade deficit with the United States and open its market to more U.S. goods and services, U.S. Trade Representative Robert . The economy has also been benefiting from supply-chain shifts from China as firms seek to avoid U.S.-China trade war tariffs. Market Value: 47,430 (millions) - Last Updated: June, 2019 Economic issues likely to arise in 2020 International trade in goods - Exports 2001-2019. 10 among U.S. trade partners in September. The country's total external trade in goods or the sum of export and import goods was $14.181 billion in October, down 12.8% from $16.256 billion last year. Total two-way goods trade for 2019 was $12.2 billion. Anh said Vietnam has one of the fastest export growth rates in the world. For each simulation, we examine how results for Vietnam's trade balance, capital stock, imports, exports, terms of trade, welfare , factor prices European Commission Directorate-General for Trade 02-06-2021 3 Units R4 / A3 European Union, Trade with Vietnam Total goods: EU Trade flows and balance, annual data 2010 - 2020 Source Eurostat Comext - Statistical regime 4 Total goods: EU Trade flows and balance Source Eurostat Comext - Statistical regime 4 Period Imports Exports Balance Total trade Since 1995, China has been recording consistent trade surpluses which from 2004 to 2009 has increased 10 times. During this period, China's imports by volume declined the most from Indonesia . Thailand Trade Statistics. Vietnam trade balance, exports and imports by country and region 2019 In 2019, Vietnam major trading partner countries for exports were United States, China, Japan, Korea, Rep. and Hong Kong, China and for imports they were China, Korea, Rep., Japan, Other Asia, nes and United States. Sep 2021. was Vietnam's 2nd largest trading partner in 2019; Vietnam was the United States' 13th largest trading partner. Located in a strategic position for foreign companies with operations throughout Southeast Asia, Vietnam is an ideal export hub to reach other ASEAN markets. WORLD TRADE REPORT 2019 6 Key facts and findings Trade in services has expanded faster than trade in goods between 2005 and 2017, at 5.4 per cent per year on average. The Trade Agreement entered into force on 1 August 2020. Line Bar Map. Steel Trade Balance Throughout the last decade, China has maintained a trade surplus in steel products. The United States is now Vietnam's third largest trading partner and biggest export market. Details may not equal totals due to rounding. Vietnam's total trade with the United States was $9.01 billion in September, a change of 3.15 percent from the same month one year ago. A limited version of Trade Map is accessible without registration for yearl product trade flows up to the 4-digit level of the Harmonized System (HS), for monthly product trade flows at HS 2-digit level and for trade in services, via the following links: Yearly Trade by Commodity Statistics 2001-2019. by product group: imports or exports The change in exports was -17.00 percent and the change in imports was 5.22 percent. WASHINGTONThe U.S. trade deficit narrowed in 2019 for the first time in six years as disputes with China and other countries reduced the U.S.'s exports and imports while reshaping . U.S. investment in Vietnam was $2.6 billion in 2019. Vietnam had a total export of 264,610,322.65 in thousands of US$ and total imports of 253,442,015.85 in thousands of US$ leading to a positive trade balance of 11,168,306.80 in thousands of US$ The Effectively Applied Tariff Weighted Average (customs duty) for Vietnam is 1.66% and the Most Favored Nation (MFN) Weighted Average tariff is 5.60%.The trade growth is 5.04% compared to a world .
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