As a consequence, while imports from any other extra-EU-27 trade partner are grouped by country of origin, the United Kingdom data reflect country of consignment. Once an ... Below we lay out the key regulations that companies should be aware of before starting their trading activities in Vietnam. ASEAN countries trade in goods with main partners, EU-27 trade with ASEAN countries continues to be in deficit, Manufactured goods dominate trade with ASEAN partners, Singapore largest ASEAN destination for EU exports of goods, Vietnam largest ASEAN partner for EU imports of goods, Germany largest trade in goods partner for ASEAN countries, Standard international trade classification (SITC), Full access to detailed statistics on international trade in goods (Comext), International trade in goods statistics - background, User guide on European statistics on international trade in goods, https://ec.europa.eu/eurostat/statistics-explained/index.php?title=ASEAN-EU_-_international_trade_in_goods_statistics&oldid=480400, Source: Eurostat (online data code: Comext data code : DS-018995). Notify me of follow-up comments by email. Readers may write to vietnam@dezshira.com for more support on doing business in Vietnam. In addition, Vietnam’s collection of free trade agreements (FTAs) has helped the country integrate with global trade flows; the recent ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and European Union – Vietnam Free Trade Agreement (EVFTA) will ensure Vietnam continues to grow. After 2014, imports from ASEAN countries grew more strongly than exports and consequently the trade deficit grew to EUR 40 billion in 2019. The Philippines had the second largest growth rate (8.1 %) among the larger ASEAN countries. Log in. Vietnam Industry and Trade Minister Tran Tuan Anh called on the ministry’s provincial units to help companies diversify export markets to cope with difficulties and increase shipments toward the end of 2019. The EU-27 data reflect the political change in the EU composition. Trade values are expressed in millions or billions (109) of euros. Vietnam’s total trade with the United States was $64.33 billion through September, a change of 24.91 percent from the same month one year ago. This common policy enables them to speak with one voice in trade negotiations, maximising their impact in such negotiations. Sorry, your blog cannot share posts by email. compared to 2018 (it was 16.4% in 2018, and imports of commodity group to Vietnam accounted for $636 million). Vietnam’s shipments of electrical machinery and equipment … US imports from China shrank more than 13% — but imports from Vietnam are popping Published Thu, Nov 21 2019 8:54 PM EST Updated Thu, Nov 21 2019 … We Can Help, Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window). Trade tensions between the U.S. and China, Japan and South Korea, and slower economic growth in some countries reduce demand for Vietnam’s products, the newspaper cited the ministry as saying. The change in exports was 1.06 percent and the change in imports was 20.67 percent. The top three U.S. imports, also by tonnage, were (1) Furniture, parts, (2) Portland, aluminous and slag cement, and (3) Seats, excluding barber, dental. Vietnam's Top Exports in 2019: 15.3% ($40 billion): 8525 - Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras. This share fell to 84 % in 2019, while the share of primary goods rose from 10 % in 2009 to 14 % in 2019. Others include: computers and electrical products (12 percent); shoes and footwear (7 percent) and machinery, instruments and accessories (6 percent). WorldCity, Inc. generates more than 10 million datasets with the latest U.S. Census Bureau data. The growth from EUR 6.7 billion in 2009 to EUR 34.4 billion in 2019 was equivalent to an average annual growth rate of 17.8 % (Figure 6). However, the United Kingdom is still part of the internal market until the end of the transitory period, meaning that data on trade with the United Kingdom are still based on statistical concepts applicable to trade between the EU Member States. Vietnam has followed an export-led growth model, combining trade liberalization and policies to attract foreign direct investment to spur exports. Covering more than 200 nations; over 400 airports, seaports and border crossings; and more than 900 export and 900 import commodities. Throughout this period, the trade deficit fluctuated between EUR 12 billion and EUR 20 billion. For this or any other country, see the latest data for every U.S. airport, seaport or border crossing, export and import. Data are collected by the competent national authorities of the Member States and compiled according to a harmonised methodology established by EU regulations before transmission to Eurostat. The share of purchases of commodity group 0405 in imports of commodity group to Vietnam went down by 1.45 p.p. U.S. cotton exports to Vietnam jumped from $392 million in 2014 to a record-high $1.3 billion in 2018, with exports already over $1 billion for the first seven months of 2019. Vietnam’s exports this year may rise between 7% and 7.5% from 2018, a steep decline from the previous two years mainly because of rising global trade tensions, Hai Quan newspaper reported, citing the Ministry of Industry and Trade Ministry. This article is part of an online publication providing recent statistics on international trade in goods, covering information on the EU's main partners, main products traded, specific characteristics of trade as well as background information. Support your local trade community by making the data available to everyone at your airport, seaport or border crossing website. Between 2009 and 2019 their share increased from 79 % to 87 % due to the increasing share of machinery and vehicles and of other manufactured goods. There were seven Member States that had a trade in goods surplus with ASEAN countries in 2019. Have a confidential tip for our reporters? This article provides a picture of the international trade in goods between the European Union (EU) and ASEAN. This has allowed Vietnam to accelerate growth in recent years, emerging as a clear leader in low-cost manufacturing and sourcing. Between a fifth and a quarter of imports and exports of ASEAN countries is with other ASEAN countries. Statistics on extra-EU trade are calculated as the sum of trade of each of the 27 EU Member States with countries outside the EU. Vietnam ranked No. In other words, the EU is considered as a single trading entity and trade flows are measured into and out of the area, but not within it. In practice this means that the goods imported by the EU-27 from the United Kingdom were physically transported from the United Kingdom but part of these goods could have been of other origin than the United Kingdom. 8 among U.S. trade partners in September. The latest issue of Vietnam Briefing Magazine, titled “Import and Export in Vietnam”, is out now and currently available to subscribers as a complimentary download in the Asia Briefing Publication Store. Vietnam’s total trade with the United States was $64.33 billion through September, a change of 24.91 percent from the same month one year ago. © 2020. The block is deeply integrated into global markets both for the products it sources and the exports it sells. The largest were observed in the Netherlands (EUR 21 billion), Belgium (EUR 6 billion) and Spain (EUR 4 billion). Between 2009 and 2014, total EU imports and exports of goods of ASEAN countries have a similar pattern: a low point in 2009 followed by a strong recovery (see Figure 2) which flattens between 2012 and 2014. It thereby surpassed the imports from Indonesia, Thailand, Malaysia and Singapore whose average annual growth rates varied between 3.3 % and 6.2 %. The declining share for manufactured goods was caused by the decline in the share of machinery and vehicles from 54 % in 2009 to 48 % in 2019. It had ranked No. This magazine is based on Dezan Shira & Associates many years of experience supporting foreign enterprises in Vietnam. Product classification The top three U.S. imports from Vietnam, also by value, were Cell phones, related equipment, (2) Furniture, parts, and (3) Seats, excluding barber, dental. Import and Export in Vietnam – Latest Issue of Vietnam Briefing Magazine July 12, 2019 Posted by Vietnam Briefing Written by Dezan Shira & Associates Reading Time: 2 minutes The latest issue of Vietnam Briefing Magazine, titled “ Import and Export in Vietnam ”, is out now and currently available to subscribers as a complimentary download in the Asia Briefing Publication Store . Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email this to a friend (Opens in new window), Electrical machinery, equipment: US$126.9 billion (41.7% of total exports), Clothing, accessories (not knit or crochet): $16.9 billion (5.5%), Machinery including computers: $16.7 billion (5.5%), Knit or crochet clothing, accessories: $16.1 billion (5.3%), Furniture, bedding, lighting, signs, prefabricated buildings: $12.3 billion (4.1%), Optical, technical, medical apparatus: $5.8 billion (1.9%), Leather/animal gut articles: $4.6 billion (1.5%), Plastics, plastic articles: $4.5 billion (1.5%), Electrical machinery, equipment: US$49.1 billion (Up by 162.6% since 2018), Knit or crochet clothing, accessories: $15.4 billion (Up by 12.8%), Clothing, accessories (not knit or crochet): $14.4 billion (Up by 2.3%), Furniture, bedding, lighting, signs, prefabricated buildings: $10 billion (Up by 48.5%), Leather/animal gut articles: $4 billion (Up by 34.5%), Coffee, tea, spices: $2.8 billion (Down by -27.6%), Rubber, rubber articles: $2.2 billion (Up by 48.7%), Machinery including computers: -US$10.1 billion (Up by 1.2% since 2018), Plastics, plastic articles: -$10 billion (Down by -9.7%), Mineral fuels including oil: -$8.7 billion (Down by -21.6%), Knit or crochet fabric: -$6.1 billion (Up by 51.8%), Optical, technical, medical apparatus: -$3.5 billion (Up by 118.9%), Aircraft, spacecraft: -$3.3 billion (Up by 5221.6%), Organic chemicals: -$3.1 billion (Down by -8.3%), Manmade filaments: -$3 billion (Up by 63.3%).
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