Vietnam Boots UK Out of Top Seven US Trading Partners

[Viet]

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Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, which would be the first time the UK hasn’t been in that group in records going back at least to 2004.

The UK’s share of the US merchandise trade slid to 2.6% through the first 10 months of this year while Vietnam’s rose to 2.7%, according to Census Bureau data.

In full-year numbers going back almost 20 years, the top seven US partners in goods trade have consistently been Canada, Mexico, China, Japan, Germany, South Korea and the UK, though their position within the group has shifted around.

Vietnam didn’t appear in the bureau’s top-15 list until 2019, and it has climbed ever since, ending last year at No. 10. If Vietnam’s lead over the UK holds for the final two months of 2022, it’ll be the first time that a majority of the top seven are Asian economies.

Vietnam Boots UK Out of Top Seven US Trading Partners

Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, which would be the first time the UK hasn’t been in that group in records going back at least to 2004.

www.bloomberg.com

 

[epebble]

Vietnam has done well, very well in exporting goods to U.S. But it is important to know that U.S. and U.K. have a large trade in services. U.S. and Vietnam trade in services is still small.

U.S. goods and services trade with United Kingdom totaled an estimated $273.0 billion in 2019. Exports were $147.4 billion; imports were $125.6 billion. The U.S. goods and services trade surplus with United Kingdom was $21.8 billion in 2019. United Kingdom is currently our 7th largest goods trading partner with $132.3 billion in total (two way) goods trade during 2019. Goods exports totaled $69.1 billion; goods imports totaled $63.2 billion. The U.S. goods trade surplus with United Kingdom was $5.9 billion in 2019. Trade in services with United Kingdom (exports and imports) totaled an estimated $140.7 billion in 2019. Services exports were $78.3 billion; services imports were $62.3 billion. The U.S. services trade surplus with United Kingdom was $16.0 billion in 2019.

 

[Viet]

Vietnam has done well, very well in exporting goods to U.S. But it is important to know that U.S. and U.K. have a large trade in services. U.S. and Vietnam trade in services is still small.

U.S. goods and services trade with United Kingdom totaled an estimated $273.0 billion in 2019. Exports were $147.4 billion; imports were $125.6 billion. The U.S. goods and services trade surplus with United Kingdom was $21.8 billion in 2019. United Kingdom is currently our 7th largest goods trading partner with $132.3 billion in total (two way) goods trade during 2019. Goods exports totaled $69.1 billion; goods imports totaled $63.2 billion. The U.S. goods trade surplus with United Kingdom was $5.9 billion in 2019. Trade in services with United Kingdom (exports and imports) totaled an estimated $140.7 billion in 2019. Services exports were $78.3 billion; services imports were $62.3 billion. The U.S. services trade surplus with United Kingdom was $16.0 billion in 2019.

Oh then we still have a long way to catch up.

 

[KaiserX]

Pak which has received 100+ bn since its inception is not even in top 10 yet Vietnam which fought the US in a bloody war for 7+ years, never took a dollar in aid is now in top 7 ahead of even India oh the irony

 

[GiantPanda]

Pak which has received 100+ bn since its inception is not even in top 10 yet Vietnam which fought the US in a bloody war for 7+ years, never took a dollar in aid is now in top 7 ahead of even India oh the irony

Vietnam is integrated with the East Asian supply chains. Not much any other country outside the region can do.

 

[Bilal9]

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View attachment 907153

Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, which would be the first time the UK hasn’t been in that group in records going back at least to 2004.

The UK’s share of the US merchandise trade slid to 2.6% through the first 10 months of this year while Vietnam’s rose to 2.7%, according to Census Bureau data.

In full-year numbers going back almost 20 years, the top seven US partners in goods trade have consistently been Canada, Mexico, China, Japan, Germany, South Korea and the UK, though their position within the group has shifted around.

Vietnam didn’t appear in the bureau’s top-15 list until 2019, and it has climbed ever since, ending last year at No. 10. If Vietnam’s lead over the UK holds for the final two months of 2022, it’ll be the first time that a majority of the top seven are Asian economies.

Vietnam Boots UK Out of Top Seven US Trading Partners

Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, which would be the first time the UK hasn’t been in that group in records going back at least to 2004.

www.bloomberg.com

I think the Vietnamese need to thank Mr. Xi Jin Ping and his stringent Covid control efforts, a big portion of China export business went through Vietnam got processed and was exported to the US.

Vietnamese export basket got massively diversified with all kinds of items.

Vietnam is integrated with the East Asian supply chains. Not much any other country outside the region can do.

Yes Koreans and Taiwanese all came in to Vietnam and invested because of low wages and proximity to those countries. Lately Chinese businesses also invested because of Covid restrictions and other reasons.

Bangladesh remains a viable option (wages half of even Vietnam) but it is a bit farther away while Vietnam is across the border.

Interesting to see that Chinese are yet to invest in India, and by the looks of it, Indians don't even want Chinese investments (they are blocking Chinese investments and of course look at Chinese investors with suspicion).

 

[REhorror]

Vietnam is going way up!
But we still gotta be humble, we are not even near the East asian tigers yet.

 

[Song Hong]

Vietnam top trading partner is China, and in favor of China. 2nd is USA, and trade in favor of Vietnam.

UK is very de-industrialized.

 

[Viet]

I think the Vietnamese need to thank Mr. Xi Jin Ping and his stringent Covid control efforts, a big portion of China export business went through Vietnam got processed and was exported to the US.

Vietnamese export basket got massively diversified with all kinds of items.



Yes Koreans and Taiwanese all came in to Vietnam and invested because of low wages and proximity to those countries. Lately Chinese businesses also invested because of Covid restrictions and other reasons.

Bangladesh remains a viable option (wages half of even Vietnam) but it is a bit farther away while Vietnam is across the border.

Interesting to see that Chinese are yet to invest in India, and by the looks of it, Indians don't even want Chinese investments (they are blocking Chinese investments and of course look at Chinese investors with suspicion).

Actually it’s the tension between the West and China is the reason why the drive into Vietnam, and will continue in the future. We offer the alternative and the exit door. Low wages in VN, corona politics in CN is a just a minor factor. Proximity is a factor but not important as you may think. Burma, Thailand, Malaysia and many other are next to China.

As for Bangladesh I think it’s best if your country economy is integrated into India supply chain the way we do with China, Taiwan Korea and Japan.

 

[Song Hong]

Actually it’s the tension between the West and China is the reason why the drive into Vietnam, and will continue in the future. Low wages in VN, corona politics in CN is a just a minor factor.

As for Bangladesh I think it’s best if your country economy is integrated into India supply chain the way we do with China, Taiwan Korea and Japan.

It benefit North more than South. The Song Hong delta is near China supply chain -- especially when rail between China vietnam start operating.

 

[Viet]

It benefit North more than South. The Song Hong delta is near China supply chain -- especially when rail between China vietnam start operating.

Yes because the northerners are closer to China main manufacturing centers which are mostly in the south. high noon to learn Cantonese.

 

[GiantPanda]

Actually it’s the tension between the West and China is the reason why the drive into Vietnam, and will continue in the future. We offer the alternative and the exit door. Low wages in VN, corona politics in CN is a just a minor factor. Proximity is a factor but not important as you may think. Burma, Thailand, Malaysia and many other are next to China.

As for Bangladesh I think it’s best if your country economy is integrated into India supply chain the way we do with China, Taiwan Korea and Japan.

Unfortunately, integregating into the Indian supply chain will give you basically nothing. India is a non-player in global trade. Vietnam has the advantage of location with doubt.

 

[etylo]

I think the Vietnamese need to thank Mr. Xi Jin Ping and his stringent Covid control efforts, a big portion of China export business went through Vietnam got processed and was exported to the US.

Vietnamese export basket got massively diversified with all kinds of items.



Yes Koreans and Taiwanese all came in to Vietnam and invested because of low wages and proximity to those countries. Lately Chinese businesses also invested because of Covid restrictions and other reasons.

Bangladesh remains a viable option (wages half of even Vietnam) but it is a bit farther away while Vietnam is across the border.

Interesting to see that Chinese are yet to invest in India, and by the looks of it, Indians don't even want Chinese investments (they are blocking Chinese investments and of course look at Chinese investors with suspicion).

And Chinese should never invest in snake India esp in high tech, infrastructures and energy, God forbid, except some nutheads will invest.

 

[Bilal9]

Actually it’s the tension between the West and China is the reason why the drive into Vietnam, and will continue in the future. We offer the alternative and the exit door. Low wages in VN, corona politics in CN is a just a minor factor. Proximity is a factor but not important as you may think. Burma, Thailand, Malaysia and many other are next to China.

As for Bangladesh I think it’s best if your country economy is integrated into India supply chain the way we do with China, Taiwan Korea and Japan.

No brother - we want to stay as farther away from Indian economy as possible. You haven't done business with Indian people - we in Bangladesh have.

Indian businesspeople are basically cheats and frauds, only a small number are reputable and trusted people.

As a country they are also stupid and short-sighted in their trade policy, they maximize their exports of goods/services to us to the tune of $45 Billion or so every year (it is alleged that they control our commerce ministry to lower tariffs) while they block all of our exports to their market on the flimsy pretext and non-tariff barrier excuse of "dumping" which they can't even prove. We had to sue them and take them to the WTO many times.

They also allege that we re-label Chinese products and are dumping these products in Indian market, but they have no proof....

Like I said - Indian business people are selfish close-minded cheats and frauds. Last year we exported barely $2 Billion to their market. Disgusting.

No investor invests in India unless they want to sell goods in India. Their infra and red tape is famous for being inefficient. They are more or less a closed market.

 

[Viet]

No brother - we want to stay as farther away from Indian economy as possible. You haven't done business with Indian people - we in Bangladesh have.

Indian businesspeople are basically cheats and frauds, only a small number are reputable and trusted people.

As a country they are also stupid and short-sighted in their trade policy, they maximize their exports of goods/services to us to the tune of $45 Billion or so every year (it is alleged that they control our commerce ministry to lower tariffs) while they block all of our exports to their market on the flimsy pretext and non-tariff barrier excuse of "dumping" which they can't even prove. We had to sue them and take them to the WTO many times.

They also allege that we re-label Chinese products and are dumping these products in Indian market, but they have no proof....

Like I said - Indian business people are selfish close-minded cheats and frauds. Last year we exported barely $2 Billion to their market. Disgusting.

No investor invests in India unless they want to sell goods in India. Their infra and red tape is famous for being inefficient. They are more or less a closed market.

I see you have beef with India. I understand. but there is one thing you can never change: your neighbor. Look, sometimes I wish Vietnam has a neighbor as Alaska, then we would never fear a global warming. However we have an elephant called China so we must seek with them a common ground. Same Ukraine with Russia. I just hope the war doesn’t kill off both countries.