Trade in Vietnam

We begin our monthly summary of international trade with one of the most rapidly growing economies in South East Asia, Vietnam.

Exports

This year, exports in Vietnam increased sharply from 13.2% to 21.1% reaching 213.77 billion USD. Vietnam is one of the largest exports of petrol (USD$10.5 billion), textiles (USD$9.1 billion), shoes (USD$4.7 billion) and electronics (USD$2.7 billion). Export growth of these products has remained stable compared to last year. However, there was a fall in the agriculture industry, particularly rice, wheat, and tea. Vietnam previously an agrarian-based economy saw a decline with the growth of the manufacturing industry. Despite the fall, market analysts believe the export rate in Vietnam will not change dramatically.

Imports

Imports decreased slightly by 7% because of the economic crisis, making the domestic demand decrease quickly. Vietnam’s two major trading partners (China and Taiwan) took a 40% portion of the whole import trade. This tax increase imposed by the two countries has caused a serious impact in Vietnam, leading to a drop in Vietnam’s imports.