Vietnam’s Electronics Exports Statistics of 2023-24
Explore the latest Vietnam's electronics export statistics for 2023-24 and discover its top electronics exports, export partners, and electronic export trends. Vietnam’s top electronics exports had a total value of $142 billion in 2023. Explore further with this article.
In recent years, Vietnam has emerged as a main player in the global electronics marketplace, with a booming export zone that indicates no signs and symptoms of slowing down. The HS code for electronics and electric machinery is 85437090 which comes below the HS code chapter 85. The largest industrialized countries of the globe, which include Vietnam, China, Mexico, Taiwan, South Korea, Japan, USA, and Germany, export electronic products worth about $1.5 trillion, making up a total of $2.5 trillion in exports worldwide. The production index for the electronic components industry of Vietnam fell by 5.8% in the first half of 2023 in comparison to the identical time in 2022. Vietnam’s electronics exports contribute in a large way to the kingdom’s average financial system. In this article, we will discover Vietnam’s electronics export statistics for the year 2023-24, delve into the top 10 electronics exports of Vietnam, and its pinnacle 10 export partners, and discuss the destiny of the nation’s electronics exports.
Vietnam Electronics Export Market in 2023
Vietnam exported $142 billion worth of electronics in total in 2023, a 4.9% decrease from 2022. Vietnam's export value of electronics increased by 22% to $20.9 billion between January and February of 2024. Vietnam has visible a full-size growth in electronics exports during the last few years, with the world becoming one of the key drivers of the nation's financial rise. Vietnam’s top 10 electronics commodities totaled $129.05 billion in 2023. Vietnam money is owed for approximately 17.8% of the worldwide electronics market, with a focus on its digital products which include computer systems and optical devices. These sectors' foremost very last products are smartphones and electric components. In 2023, Vietnam's electronics export marketplace endured to thrive, with general export prices accomplishing new heights. The country's strategic region, skilled labor pressure, and favorable business environment have all contributed to the fulfillment of its electronics industry.
What are the top 10 Electronics Exports of Vietnam in 2023?
Some of the pinnacle electronics exports of Vietnam consist of cellular telephones, laptop additives, digital components, and client electronics. Telephones and smartphones were Vietnam’s biggest electronic exports in 2023 worth $78.50 billion, with the US emerging as the biggest importer of smartphones and telephones worth $19.14 billion. As a result, the nation has hooked up itself as a main exporter of electronics in the area. Vietnam’s top 10 electronics exports in 2023 consist of:
- Telephone sets and smartphones: 21.17% ($78.50 billion)
- Electronic integrated circuits; parts thereof: 3.57% ($13.25 billion)
- Semiconductor devices: 2.03% ($7.53 billion)
- Insulated wires and cables: 1.69% ($6.25 billion)
- Monitors and projectors: 1.52% ($5.64 billion)
- Transmission apparatus for radio broadcasting or television: 1.45% ($5.38 billion)
- Electrical transformers and static converters: 1.08% ($4.01 billion)
- Parts suitable for flat panel display modules, transmission: 1.02% ($3.79 billion)
- Microphones and stands thereof, loudspeakers: 0.69% ($2.55 billion)
- Electric accumulators: 0.58% ($2.15 billion)
Vietnam’s top 10 export partners for electronics in 2023
Vietnam has a huge demand for its electronic products around the world, with China being its biggest importer. The top 10 export partners/importers of Vietnam’s electronics exports in 2023 include:
- China: $54.91 billion
- USA: $41.77 billion
- Hong Kong: $13.64 billion
- South Korea: $9.64 billion
- Netherlands: $6.68 billion
- Japan: $6.9 billion
- Germany: $4.15 billion
- United Kingdom: $3.6 billion
- Canada: $3.48 billion
- Thailand: $2.61 billion
Top 10 Electronics Manufacturing Companies of Vietnam
Vietnam’s top 10 electronics manufacturing companies in 2023 include:
- Samsung Electronics
- ABB
- Jabil
- Panasonic
- Siemens
- Microchip Technology
- First Solar
- Renesas
- Foxconn
- Onsemi
The Future of Vietnam's Electronics Exports in 2024 and Further
Looking ahead to destiny, Vietnam's electronics exports are predicted to keep their upward trajectory. The government has been proactive in supporting the sector's increase, investing in infrastructure, era, and personnel development to ensure that Vietnam remains aggressive in the global market. With ongoing technological advancements and the upward push of new customer trends, Vietnam is properly located to similarly extend its electronics exports in the coming years.
- Vietnam's electronics market is expected to generate $7,931.0 million in revenue in 2024.
- It is projected that this market will increase at a rate of 2.48% per year (CAGR 2024-2028).
- With a volume of US$4,184.0 million in 2024, the Telephony segment is the largest in the market.
- With sales expected to reach US$218.6 billion in the electronics sector by 2024, China leads the world in this regard.
- According to per capita estimates, each individual in Vietnam is anticipated to earn US$79.71 in income by 2024.
- Online sales are expected to account for 41.3% of the Electronics market's overall revenue by 2024.
- In addition, a 2.7% growth is anticipated in 2025.
- Vietnam's electronics industry is seeing a sharp increase in demand for reasonably priced smartphones and smart televisions.
How to Find Potential Electronics Suppliers from Vietnam with TradeImeX?
If you need to source electronics merchandise from Vietnam, TradeImeX permits you to locate potential suppliers quickly and effortlessly. TradeImeX is a leading platform that connects consumers and dealers from around the world, making it simple to discover and connect with high-quality suppliers from Vietnam. By using TradeImeX, you can browse through a wide range of electronics products from Vietnam, examine prices, and get in touch with suppliers directly to barter deals.
Conclusion
To conclude, Vietnam's electronics export statistics for the years 2023-24 spotlight the nation’s developing prominence inside the international electronics market. With a wide variety of pinnacle electronics exports, a brilliant future in advance, and platforms like TradeImeX to facilitate exchange, Vietnam is poised to keep its brilliant growth in the electronics zone. Whether you are a buyer searching out quality electronics products or a seller looking for new markets, Vietnam is a vacation spot well worth exploring for your enterprise desires.
Read More:-
What are the top 10 exports of Vietnam?
Mobile phone exporting brands in Vietnam
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