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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 at the very least 20 years, not only one however two of the present prime 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 collection of columns targeted on every of the US’ prime 10 commerce companions. I beforehand wrote columns about Canada, Mexico, China, Japan, Germany, South Korea, the UK and Taiwan.
These 10 nations account for two-thirds of all U.S. commerce, with simply the highest three at higher than 42%.
I wrote an analogous collection of columns concerning the nation’s prime 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 development over the past 20 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 development charge among the many prime 10 is India, at about one-tenth of that development charge, 740.29%.
During the last 15 years, U.S. commerce has grown 59.27%. U.S. commerce with Vietnam is up 1,067.43%. During the last decade, U.S. commerce is up 24.29%; Vietnam-U.S commerce, 417.61.
During the last 5 years, U.S. commerce is up 25.95% whereas Vietnam-U.S. commerce is up 115.95% — solely 4 occasions as quick. U.S. commerce with No. 8 Taiwan grew the second quickest over the past 5 years, up 74.55%
Virtually all of that development 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 over the past handful of years.
That’s a proportion that’s higher than solely a handful of the world’s nations, none of which have greater than $10 billion in annual commerce with the US. The share 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 shortly in 2022, additionally. U.S. exports, at $770 million are under 2020 and 2021 totals for January, the most recent information out there. Imports, at $9.9 billion, are simply shy of double the 2019 complete.
A couple of-third of that commerce occurred on the ports of Los Angeles and Lengthy Seashore in 2021, with one other 4.3% at Los Angeles Worldwide Airport. However the prime 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 moderately than sails, one thing that’s typically 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 lots over the ocean, roughly 71% by worth — and far increased by tonnage, after all. That features furnishings, seats, plywood, rubber tires, sneakers, candles, sweaters, fish fillets, espresso, toys and a lot extra.
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