Saturday, June 10, 2023

Vietnam and Taiwan lead in US market

Along with Canada, they gained about four share points in US imports.

Vietnam, Taiwan and Canada accounted for the share of total product imports into the United States over the past four years, according to Commerce Department data.

Between 2018 and the first half of 2022, Vietnam’s share rose from 1.8 to 3.9%, gaining 2.1 percentage points.

To dimension this figure, Vietnam’s profit is only equal to growing in the four years that Italy guided the US market in the first half of 2022.

With this, Vietnam climbed from twelfth to sixth among the main foreign suppliers to the United States, reaching sales of $63,900 million from January to June of the current year.

Vietnam’s increased competitiveness is due to changes in Asian supply chains (driven by rising production costs in China), entering into trade agreements, and the trade war between China and the United States.

Vietnam is a member of the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (TIPAT) and the Regional Comprehensive Economic Partnership (RCEP), among other trade agreements.

In comparison, Taiwan – a country that this week came under open defiance of China by US legislator Nancy Pelosi – increased its market share from 1.8 to 2.8% to add $44.8 billion in the first half of 2022.

Trade in goods between Taiwan and the United States has been on an increasing trend in recent years, and the supply chains between the two economies include a significant amount of production in the People’s Republic of China for export to the United States by Taiwanese companies. is included. joined in.

Meanwhile, Canada’s gain was up 0.7 percentage points, accounting for 13.7% of total merchandise imports into the United States, reaching $222.7 billion.

Mainly to the US market, Vietnam exports telephones, furniture, seats, microphones, shoes and computers; Taiwan ships computers, machine parts, integrated circuits and telephones, and Canada ships oil, car, gas, lumber and auto parts.

Other top gainers in market share were South Korea (0.6 percentage points, up 3.5%), India (0.5 percentage points, up 2.7%), Thailand (0.5 percentage points, up 1.8%), and Switzerland (0.4 percentage points). , 2.1 percent).

In contrast, China was the country with the biggest market loss, rising from 20.2% in the first half of 2018 to 16.7% (-3.5 percentage points) in the first half of 2022.

In addition to high production costs and high tariffs on US customs, Chinese exporters have faced logistics problems. In the first months of the current year, wait times were much longer on the West Coast of the United States (especially in Long Beach), while the impact of Covid-19 in China was more clearly seen in delays in Hong Kong. Yantiam, Shanghai and Ningbo, among the most relevant places.

The latter’s biggest market losers were held by Japan and Germany, which in recent years have ranked fourth and fifth among the largest suppliers to the United States.

Japan lost 1.2 percentage points in the referenced indicator, going from 4.5 to 5.7%, reaching $73,600 million. In general, the Japanese economy has recorded a decline in its market share and is facing higher production costs

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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