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[IMG alt="Vietnam and Taiwan gain in US market"]https://nationworldnews.com/wp-content/uploads/2022/08/Vietnam-and-Taiwan-gain-in-US-market.jpg[/IMG]
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.
