A COMPARATIVE ANALYSIS OF TRADE DATA: PHILIPPINES VS. VIETNAM
INTRODUCTION
International trade plays a vital role in the economic growth and development of nations. In this blog post, we will explore and compare the trade data of two Southeast Asian countries, the Philippines and Vietnam. Both countries have emerged as significant players in the global trade arena, attracting investment and fostering economic progress. By examining their trade statistics, we can gain
insights into their trading patterns, key industries, and the overall impact on their respective economies.
OVERVIEW OF TRADE DATA
The Philippines Trade Data report and Vietnam Trade Data report provide a comprehensive snapshot of their import and export activities. These figures capture the value of goods and services traded with other countries, allowing us to assess the volume and direction of their international trade flows.
Analyzing the trade volume and trends is crucial to understanding the growth patterns of these countries’ economies. We can explore the total trade value, growth rates, and shifts in trading partners over time. By comparing these indicators between the Philippines and Vietnam, we can gain insights into their relative competitiveness and global market integration.
As seen from the above statistical table, the performance of Vietnam is better than the Philippines in all 5 years. Also, when we compare Vietnam Import Data records with the Philippines Import Data records, Vietnam comes out to be the better performer. Similar is the case with exports too.
MAJOR TRADE PARTNERS OF THE PHILIPPINES AND VIETNAM
If we talk about the main trade partners of the Philippines and Vietnam for the year 2021, then those are as follows:
MAJOR TRADE PARTNERS OF THE PHILIPPINES AND VIETNAM
THE PHILIPPINES VIETNAM
IMPORT PARTNERS EXPORT PARTNERS IMPORT PARTNERS EXPORT PARTNERS
China The USA China The USA
Indonesia Japan Korea China
Japan China Japan Korea
Korea
Singapore Taiwan Japan
The USA Thailand The USA The Netherlands
Singapore Korea Thailand Germany
The USA is the most dominant nation in all as it is the biggest importer of both, the Philippines as well as Vietnam. The Philippines Export Data report and Vietnam Export Data report for the year 2021, both have the USA as their biggest export partner.
BILATERAL TRADE BETWEEN THE PHILIPPINES AND VIETNAM
Apart from performing trade with different nations across the globe, the Philippines and Vietnam perform trade amongst themselves too. As per the customs data report for the year 2022, total trade worth USD 6.49 billion happened between both nations. During the complete annual year 2022, the major exported product from Vietnam were cereals, and on the other hand, electric machines and appliances were the major exported products from the Philippines.
CONCLUSION
The trade data of the Philippines and Vietnam offer valuable insights into their economic performance, competitiveness, and integration into the global market. By comparing and analyzing these statistics, we can identify trends, challenges, and opportunities for these two Southeast Asian nations. Understanding their trade dynamics helps policymakers, businesses, and investors make informed decisions and formulate strategies to enhance economic growth and international trade relations. For more trade-related information from 70+ nations, contact TradeImeX today and get exposed to the most legit and accurate form of datasets.
MAIL ID: info@tradeimex.in
Source URL: https://usexportdata.blogspot.com/2023/06/a-comparativeanalysis-of-trade-data.html