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  • Vietnam's major export surplus markets in 2022 02/06/2023

    Feb 6th, 2023

    One of the outstanding results of Vietnam's economy in 2022 is trade surplus. The trade surplus in 2022 is higher than in 2021 both in terms of trade surplus (over 12.4 billion USD compared to nearly 3.03 billion USD), and also in terms of trade surplus (3.3% compared to 0.9%). Among 85 major markets, Vietnam has a trade surplus with 54 markets, of which 18 Vietnam markets have a trade surplus of over 1 billion USD; 14 Vietnamese markets have a trade surplus of over 2 billion USD; 6 Vietnamese markets had trade surplus of over 5 billion USD and 3 Vietnamese markets had trade surplus of over 9 billion USD, namely the US, the Netherlands and Hong Kong. In these three markets alone, the total trade surplus was approximately 11.4 billion USD, nearly equal to the total trade surplus of Vietnam in 2022. The US is the largest trade surplus market of Vietnam, 10 times higher than the trade surplus of the second largest market, high compared to 2021 both in absolute terms and in terms of trade surplus ratio (corresponding to 94, $92 billion versus $80.99 billion and 86.8% versus 816%. The largest trade surplus is mainly due to the largest scale export in 2022 to the US ($109.39 billion, accounting for 29.5% of the country's total turnover), higher than the corresponding figures of the previous year (96 .27 billion USD, accounting for 28.7%). Among the main export and import items with the US in 2022, there are 12 large-scale items (over 1 billion USD), the largest are machinery ($ 20.18 billion), textiles (17, $36 billion), computers ($15.94 billion), phones ($11.88 billion), shoes ($9.62 billion), wood ($8.66 billion). Some items account for a high proportion of the country's total turnover of corresponding commodities (over 20%), such as seafood, cashew nuts, pepper, wood, textiles, footwear, steel products, and computers. , phone… The trade surplus to the US was due to a number of factors: the number of Vietnamese living in the US was quite large (nearly 2 million people); US investment capital in Vietnam is large; demand for imports into the US is very large (total US imports in 2020 are up to nearly $2.8 trillion, Vietnam's exports to the US in 2022 will account for nearly 3.9%); goods exported to the US are quite cheap (due to the high difference in exchange rates and purchasing power parity); There are a large number of American visitors to Vietnam (in 2022, it will reach nearly 399,000). The Netherlands ranks second in the markets where Vietnam has trade surplus. The trade surplus to the Netherlands is larger than in 2021 both in absolute terms (9.76 billion USD compared to 7 billion USD), and also in terms of trade surplus (93.5% compared to 91.1%). Export surplus to the Netherlands due to many factors. Regarding investment, the Netherlands has a total import turnover of goods and services in 2022 reaching over 616 billion USD, while Vietnam's exports to the Netherlands in 2022 account for 11.4%. Exports to the Netherlands are not many, but there are some large-scale items (over 1 billion USD) such as computers, shoes, and textiles. Of the 28 main products, there are 23 increased items, of which 1 high increase (over 1 billion USD) is machinery. In the opposite direction, imports from the Netherlands were low and decreased (US$668.8 million compared with US$687 million). Hong Kong ranks third in the markets where Vietnam has a relatively high trade surplus, with a trade surplus of 82.6%. Although Hong Kong has a small average population (7.5 million people), the scale of Vietnam's exports to this market is quite high ($10.94 billion), ranking fifth among markets (after Hong Kong). USA, China, Korea, Japan). There are 8 items Vietnam exported to Hong Kong with a scale of over 100 million USD, of which 2 large-scale items are computers ($5.88 billion) and phones ($2.05 billion). Hong Kong is both a large commercial center and a major trading port of the world, as well as the fifth largest territory in the countries and territories with foreign investment in Vietnam.


    Source: https://www.vinacas.com.vn/
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