Export turnover of German goods to Vietnam
Export turnover of German goods to Vietnam
According to ITC TradeMap, in 2020, Germany's exports to Vietnam reached USSD 3.4 billion and accounted for only 0.25% of Germany's total exports to the world.
From the perspective of Vietnam, data from the General Department of Vietnam Customs shows that Vietnam's imports from Germany in 2020 reached USD 3.35 billion. Although making up only 1.27% of Vietnam's total goods imports from the world, imports from Germany accounted for 22.85% of Vietnam's imports from the EU, ranking second after Ireland (for previous years, Germany used to rank first).
In the period of 2010-2020, Vietnam's goods import turnover from Germany nearly doubled, from USD 1.74 billion in 2010 to USD 3.35 billion in 2020. Average import growth rate of this period was 7.93%/year.
Although Vietnam's imports of goods from Germany tend to increase, it is not stable during the period of 2010-2020. Especially in 2019 and 2020, import turnover from Germany dropped sharply, causing Germany to lose its position as the EU's largest importer of Vietnam to Ireland in 2020. There are many reasons for this situation, including fluctuations in the world market, impacts from trade tensions between some countries and regions, the UK's departure from the EU, and especially the outbreak of the COVID-19 pandemic.
Figure: Vietnam’s import turnover of German goods in the period of 2010 – 2020
Source: General Department of Vietnam Customs, 2021
With the implementation of the EVFTA Agreement from August 1, 2020, exports from Germany to Vietnam were expected to recover and grow again. In fact, according to the General Department of Vietnam Customs, Vietnam's imports from Germany in the first 10 months of 2021 reached USD 3.16 billion, increased 15.8% compared to the same period last year. This is a positive signal showing that the EVFTA has helped boost German exports to Vietnam despite the negative impacts of the COVID-19 pandemic.
Source: "Business Handbook: Exploiting the EVFTA to import and export goods between Vietnam and Germany" - Center for WTO and International Trade
