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.

FOLLOW US FOR MORE BILATERAL TRADE ANALYSIS AND REPORTS

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.

To stay updated and aware of the overseas market analysis and trends, subscribe to our newsletter and keep visiting our website: https://www.tradeimex.in/blogs


Comments

Post a Comment

Popular posts from this blog

Top 10 Import Products of The Philippines

Image
  Top 10 Import Products of The Philippines The Philippines is an island country of the world, also known as the archipelago as it consists of numerous islands and surrounded by water bodies from almost all directions.   IMPORT EXPORT    Feb 27, 2023     0    1  Add to Reading List THE PHILIPPINES – SOUTHEAST ASIAN ISLAND NATION OF THE WORLD The Philippines is one of the  island countries  of the world also known as the archipelago as it consists of numerous islands and the whole territory is surrounded by water bodies from almost all directions. The western part of the Pacific Ocean is majorly occupied by the Philippines. The economy of the country was initially run by the agricultural sector and later in the years the 1950s and 1970s, manufacturing also started to grow and flourish across the nation. As of now, the agriculture sector has a  one-fourth stake  in the total GDP of the Philippines. If we talk about the agreements and contributions of the nation in various trade deals, th
Read more

THE PHILIPPINES TRADE DATA

Image
           IMPORT EXPORT DATA OF THE PHILIPPINES REALTIME FACTS AND FIGURES TO ANALYSE THE PHILIPPINES TRADE DATA Unlike other articles and blogs available online, we are going to start this blog with some facts today and the end will also be analytical and factual rather than theoretical. Starting with the year 2021, in the month of September 2021, the Philippines Trade Data showed a value of USD 17188 million for total trade which included exports worth USD 6690 million and imports worth USD 10497 million. After analyzing the Philippines Import Data and Philippines Export data for the month of September 2021, it was hence noticed that the nation faced a negative trade balance worth USD 3810 million. Roughly after a year, i.e., in the month of August 2022, the Philippines Trade Data showcased a trade value of USD 18842 million. the imports of the country increased very much as compared to last year leading to a widening gap between total imports and exports, leading to ris
Read more

TREND OF THE PHILIPPINES TRADE DATA WITH RESPECT TO ANNUAL TRADE DEFICIT

Image
MEANING OF TRADE DEFICIT AND ITS IMPLICATIONS Trade Deficit is a term used to denote the negative gap between the Imports and Exports made by a country in one fiscal year. In simple terms, when the value of total imports becomes larger than the value of total exports, then the situation of Trade Deficit arises where the outflow of money becomes more than the inflow. There are two main and biggest reasons why a country faces a trade deficit. One, when a particular nation is not able to produce every good domestically, then in order to fulfill the demands of its citizens, the nation tends to import a variety of goods from different countries and pay import taxes. Secondly, when most of the companies of a nation are in the manufacturing business and are set up abroad, importing the finished products from them incurs a huge cost that escalates the trade deficit even more. IMPACT OF TRADE DEFICIT ON COUNTRY AND ITS CITIZENS There are various impacts connected with trade deficits on
Read more