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Vietnam-U.S. commerce grew 25.91% in 2021 and it topped $100 billion for the primary time to complete because the nation’s Tenth-ranked commerce companion.
What’s outstanding is that for the primary time in no less than twenty years, not only one however two of the present high 10 commerce companions noticed their commerce develop extra quickly — No. 8 India, at 44.29% and No. 1 Canada at 26.38%.
That is the final in a sequence of columns centered on every of the US’ high 10 commerce companions. I beforehand wrote columns about Canada, Mexico, China, Japan, Germany, South Korea, the UK and Taiwan.
These 10 international locations account for two-thirds of all U.S. commerce, with simply the highest three at higher than 42%.
I wrote an analogous sequence of columns concerning the nation’s high 10 ports — Chicago’s O’Hare Worldwide Airport, Port of Los Angeles, Port Laredo in Texas, New York’s JFK Worldwide, the Port of Newark, the Port of Houston, Detroit’s Ambassador Bridge, Los Angeles Worldwide Airport and the Port of Savannah.
Vietnam’s progress during the last twenty years has been unprecedented.
Right here’s a fast look again:
Since 2001, or 20 years, U.S. commerce has grown 145.27%. Vietnam’s commerce has grown 7,358.37%. The second-fastest progress price among the many high 10 is India, at about one-tenth of that progress price, 740.29%.
Over the past 15 years, U.S. commerce has grown 59.27%. U.S. commerce with Vietnam is up 1,067.43%. Over the past decade, U.S. commerce is up 24.29%; Vietnam-U.S commerce, 417.61.
Over the past 5 years, U.S. commerce is up 25.95% whereas Vietnam-U.S. commerce is up 115.95% — solely 4 instances as quick. U.S. commerce with No. 8 Taiwan grew the second quickest during the last 5 years, up 74.55%
Nearly all of that progress has come within the type of imports to the US — for each greenback of commerce between the 2 counties, 90 cents was a U.S. import, a proportion that has truly worsened during the last handful of years.
That’s a proportion that’s higher than solely a handful of the world’s international locations, none of which have greater than $10 billion in annual commerce with the US. The proportion for China is 23% U.S. exports, the U.S. common 38.
For the final two years, the US has had its third-largest deficit with Vietnam, trailing solely No. 3-ranked commerce companion China and No. 2-ranked Mexico. (Exports to Mexico account for 42% of U.S.-Mexico commerce.)
Vietnam is out of the gates rapidly in 2022, additionally. U.S. exports, at $770 million are beneath 2020 and 2021 totals for January, the most recent information out there. Imports, at $9.9 billion, are simply shy of double the 2019 whole.
Multiple-third of that commerce occurred on the ports of Los Angeles and Lengthy Seaside in 2021, with one other 4.3% at Los Angeles Worldwide Airport. However the high airport is Chicago’s O’Hare Worldwide, adopted by Dallas-Fort Value Worldwide.
That’s as a result of the dominant Vietnamese import is one thing that flies quite than sails, one thing that’s usually lightweight and costly: cell telephones and associated gear. In 2021, 59% fly into DFW with one other 18% into O’Hare.
However Vietnam additionally imports a lot over the ocean, roughly 71% by worth — and far increased by tonnage, after all. That features furnishings, seats, plywood, rubber tires, footwear, candles, sweaters, fish fillets, espresso, toys and a lot extra.
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