BILATERAL TRADE BETWEEN VIETNAM AND ARGENTINA IS RISING RAPIDLY: JUICY INSIGHTS

Vietnam is one of the most important strategic and foreign trade partners of Argentina across the globe. Both nations have been working towards boosting and raising the bilateral trade relationship between them for many years. At present, the textile sector of Vietnam is the sector which is experiencing growth due to large-scale imports of cotton made by Vietnam from Argentina. On the other side, Vietnam is exporting apparel and garments to Argentina to balance the foreign trade.

Recently, the president of Vietnam, Vuong Dinh Hue visited Argentina to discuss bilateral trade and strengthen the trade relations between the two countries. Argentina is considered the most important trade partner of Vietnam in the Latin American zone. Both nations have completed their 50 years of diplomatic relation bond which is a great success to date.

RISING COTTON IMPORTS OF VIETNAM FROM ARGENTINA

Cotton is the most popular and largest imported item from Argentina to Vietnam as mentioned in the Vietnam Import Data for the past few years. The past 5 years show a year-on-year rise in the total imports of cotton in Vietnam from Argentina

VIETNAM COTTON IMPORTS FROM ARGENTINA (2017-2021)

YEAR

IMPORTS

REMARKS

2017

USD 8.57 million

 

688.56% GROWTH FROM 2017 TO 2021

2018

USD 20.79 million

2019

USD 36.20 million

2020

USD 30.03 million

2021

USD 67.58 million

With the help of this table, we can clearly say that the Imports of cotton as per Vietnam Import Data from Argentina are rising every year. Although there was a drop in the year 2020 due to COVID-19, as the markets got reopened, the Vietnam Trade Data also started to grow unconventionally.

As seen in the table, the cotton imports of Vietnam were amounting USD 20.79 million after it imported cotton weighing 13 million kg. Just in a span of 3 years, the imports touched USD 67.58 million worth of cotton imports in Vietnam. In the year 2022, the imports of cotton to Vietnam were valued at USD 51.60 million and weighed approximately 31.26 million kg.

GROWTH IN APPAREL AND GARMENT EXPORTS FROM VIETNAM TO ARGENTINA

As cotton is the major importing item of Vietnam from Argentina, in a similar way, apparels and garments are one of the major exports of Vietnam to Argentina as mentioned in Vietnam Export Data of the current scenario. Refer to the table below to understand the apparel and garments export trends for the past 5 years.

VIETNAM APPAREL EXPORTS TO ARGENTINA (2018-2022)

YEAR

IMPORTS

REMARKS

2018

USD 26.02 million

DECLINE TILL 2020 AND THEN EXPORTS ARE RISING

2019

USD 23.59 million

2020

USD 17.34 million

2021

USD 17.63 million

2022

USD 22.35 million

From this table, we can clearly get an idea that exports of apparel and garments to Argentina by Vietnam have experienced various ups and downs, i.e., from 2018 to 2020 the exports fell but after 2020, the exports are rising and are expected to rise in a linear trend.

LAST VERDICT

Tradeimex wants to mention that the bilateral trade relations between Argentina and Vietnam are very cordial and healthy. Both nations are trying every now and then to shape better trade relations between themselves. It is estimated that the trade between these nations will increase in the coming years. If you are interested in knowing more about these countries or want to do a deep market analysis, then feel free to contact TradeImeX today and get answers to all your queries from our experts. We also deal in providing Import Export Data and Global Trade Data for 70+ countries.

 

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