Vietnam rises four notches in global import report by Jungle Scout

According to Jungle Scout's Global Imports Report 2020, the country’s total exports to the US market are up 72%, while its share of US imports has seen an increase of 65% since 2015.

In comparison to other nations, the majority of top-10 suppliers to the US witnessed a drop in their respective shares, although China, Belgium, and Thailand were exceptions after recording small increases.

The report stated that during the second quarter of the year, Vietnam, along with China and Thailand, recorded a sharp reduction in novel coronavirus (COVID-19) cases and related deaths. Indeed, the three nations were also among the few to enjoy positive year-over-year import numbers.

Most notably, when COVID-19 cases began rising in India in March, their imports from the US also saw a drastic drop, with both trends continuing through June.

In its report, Jungle Scout outlined that countries which enjoyed an early recovery from the year’s economic disruption were more likely to enjoy a “bounce back”, with all recoveries being recorded in Asia.

During the first half of the year, only five out of 20 countries had a net positive growth over the same period from 2019, with all five being from Asia. Vietnam was joined by the likes of China, Malaysia, Singapore, and Thailand.

The report indicated that although the country, along with Malaysia and Singapore, enjoyed annual growth of over 100% in February and March, these increases failed to offset the massive share of imports lost from China during this period.

All of the data collected in the report represents US maritime imports between January 1, 2015, to June 30 of this year, from 237 countries.

In compiling the data into the report, Jungle Scout analysed more than 63 million maritime US import records, including the country of origin, category, along with information on both the shipper and shipment.