Vietnam Top 10 Export Products Famous In The World Market
The eastern-most nation on Southeast Asia’s Indochina Peninsula, the Socialist Republic of Vietnam shipped an estimated USD 348 billion worth of goods around the globe in 2020. That dollar amount reflects a 97.1% gain since 2016 and a 31.5% increase from 2019 to 2020.
1. Export Markets and value overview
Based on the average exchange rate for 2020, the Vietnamese dong depreciated by -5.8% against US dollar. It declined by 0.7% from 2019 to 2020. Therefore, Vietnam’s weaker local currency makes its exports products cheaper. So, Vietnam export products are less expensive for international markets.
The latest available country-specific data shows that 71.9% of products exported from Vietnam were bought by importers. Specifically, it is as below:
- United States (23.2% of the global total)
- China (15.7%)
- Japan (7.7%)
- South Korea (7.5%)
- Hong Kong (2.7%)
- Netherlands (2.6%)
- India (2.5%)
- Germany (2.5%)
- United Kingdom (2.2%)
- Thailand (1.9%)
- United Arab Emirates (1.8%)
- Taiwan (1.7%).
From a continental perspective, 51.5% of Vietnam’s exports by value were delivered to fellow Asian countries. Whereas, 26.2% sold to importers in North America, and another 17.7% of goods to Europe. In addition, smaller percentages went to Latin America excluding Mexico including the Caribbean (2%), Oceania led by Australia (1.6%) and Africa (1.1%).
Vietnam’s population is about 97.4 million people. Its total $348 billion in 2020 exports translates to roughly $3,600 for every resident in the Southeast Asian nation.
2. Vietnam Top 10 Export products
The following export product groups represent the highest dollar value in Vietnamese global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Vietnam. In details:
Vietnam Top 10 export products famous in the world
- Electrical machinery, equipment: US$153.5 billion (44.1% of total exports)
- Machinery including computers products: $23.9 billion (6.9%)
- Footwear products: $23.8 billion (6.8%)
- Clothing, accessories (not knit or crochet): $15.5 billion (4.5%)
- Furniture products, bedding, lighting, signs, prefab buildings: $15.5 billion (4.4%)
- Knit or crochet clothing, accessories: $15.2 billion (4.4%)
- Optical, technical, medical apparatus: $5.7 billion (1.6%)
- Plastics, plastic articles: $5.5 billion (1.6%)
- Fish: $5.1 billion (1.5%)
- Rubber, rubber articles: $4.6 billion (1.3%)
Vietnam’s top 10 exports accounted for over three-quarters (77.1%) of the overall value of its global shipments. Machinery including computers was the fastest grower among the top 10 export categories, up by 82.3% from 2019 to 2020.
In second place for improving export sales was furniture, bedding, lighting, signs and prefabricated buildings via a 63.2% gain.
Whereas, Vietnam’s shipments of electrical machinery and equipment posted the third-fastest gain in value up by 58%.
Year over year, the sole decliner among Vietnam’s top 10 export categories was fish thanks to a -18.5% drop.
At the more granular four-digit Harmonized Tariff System code level, phone system devices including smartphones are Vietnam’s most valuable exported product coming in at 20% of the country’s total. In second place were integrated circuits or microassemblies (10.7%) trailed by TV, radio or radar device parts (3.4%), textile footwear (3.2%), furniture (2.6%), leather footwear (2.1%), computers including optical readers (1.8%), insulated wire or cable (1.7%) then microphones, headphones and amplifiers (1.5%).
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