Vietnam and Argentina are working on boosting their bilateral trade relationship through established diplomatic channels. In the textile sector, Vietnam’s cotton imports have seen a sharp increase, despite a slight fall in 2022. Vietnam has also expanded its footprint in Argentina through higher garment shipments. Vietnam’s garment exports have shown healthy growth over the last year.
Vietnamese National Assembly (NA) Chairman Vuong Dinh Hue’s official visit to Argentina is expected to create more opportunities for bilateral trade cooperation. Argentina is an important trade partner in the Latin American region for Vietnam, and the two countries are celebrating 50 years of officially established diplomatic relations. Since the establishment of the comprehensive partnership in 2010, the bilateral relationship has made impressive progress, especially in the economy and trade.
Vietnamese cotton (HSN Code 5201) imports were valued at $21.379 mn in 2018 when the country imported 13.379 mn kg of cotton. The imports jumped to three times in terms of value and reached $63.725 mn (43.881 mn kg) in 2021, according to market report.
However, it fell to $51.606 mn (31.267 mn kg) in 2022. Despite the fall in imports last year, the value and volume of trade were still significantly higher than in 2018. Imports were noted at $23.879 mn (16.934 mn kg) in 2019 and $24.433 mn (22.680 mn kg) in 2020. Argentina is a major cotton producer, while Vietnam is a dominant consumer country with a well-established textile industry.
Vietnamese garment exports to Argentina increased to $22.354 mn in 2022 from $17.636 mn in 2021, continuing an upward trend that began in 2020. However, there was a downward trend in previous years. In 2018, exports were recorded at $26.022 mn, but they decreased to $23.596 mn in 2019 and $17.345 mn in 2020. Nevertheless, the trade improved in 2021 to $17.636 mn and further increased to $22.354 mn in 2022. As of January-February 2023, shipments were recorded at $7.951 mn, according to market report.
