GROWING BILATERAL TRADE RELATIONS BETWEEN VIETNAM AND THE PHILIPPINES

 


The Philippines and Vietnam, both the nations are situated close to each other and share a common continent, Asia. Vietnam is a bigger nation as compared to the Philippines, but in contrast, the population of the Philippines is more than Vietnam which leads to more population density and per capita income in the Philippines. Being populated with fewer people, Vietnam has a vast open space for development programs and the setting up of new industries and manufacturing units. Both countries share healthy bilateral trade relations with each and are into trade practices every now and then.

BILATERAL TRADE SECRET OF VIETNAM AND THE PHILIPPINES

As we mentioned above, the trade relations between both nations are very strong. This statement proves to get true by looking at the statistics shared by Philippines Trade Data and Vietnam Trade Data for the year 2020. As per Vietnam Export Data for the year 2020, the nation exported goods worth USD 3.65 billion to the Philippines. On the other hand, the Philippines Export Data showed exports worth USD 1.60 billion to Vietnam.



If we talk about a specific industry, say the textile and apparel industry, then as per Vietnam Export Data of previous years, Vietnam has exported apparel of more than USD 16.60 million to the Philippines in the year 2022 which includes dresses, T-shirts, shirts, trousers, jerseys, etc. Due to restrictions imposed because of Covid-19, exports dipped by some amount, but the nations are looking ahead to expand their apparel trade to USD 10 billion till the year 2026.

 It is very much evident that Vietnam is the nation which is behind the sourcing of textiles and apparel to the Philippines. Year-wise comparison of the textile exports from Vietnam to the Philippines is as follows:

·        2017 – USD 8.89 million

·        2018 – USD 12.14 million

·        2019 – USD 12.74 million

·        2020 – 17.75 million

·        2021 – 22.2 million

·        2022 – 16.60 million (till August 2022) and counting

On the other hand, the Philippines exports electrical equipment to Vietnam the most. As per the Philippines Export Data for the year 2022, the nation exported electronic items to Vietnam worth 1 billion. Along with this, nuclear gadgets, copper items, and plastic items are also exported from the Philippines to Vietnam.

CONCLUSION

Bilateral trade is a trade practice where two nations are regularly associated with each other for trading goods and helping to fulfill demands in each other’s country. Vietnam and the Philippines is the best example of this type of trade. With the years passing, the trade relations between the nations are increasing and becoming stronger. Also, both nations are well connected via waterways and airways. As per our estimates, the Philippines Trade Data and Vietnam Trade Data are going to grow by leaps and bounds due to their continuous association and healthy relations with each other.

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If you want further analysis and the best advice about the Vietnam Export Data or the Philippines Import Data or the Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam Import Data  and the Philippines Export Data at affordable prices. We deal in delivering customized databases to our customers which are largely made as per each client’s needs and want.

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