Observation of the two excel data tables
The table shows two critical aspects of our country statistical data, they include
- Exports
- Imports
Exports are the types of merchandise our country sells or uses to exchange with other countries, the total value of our exports have been growing in the last three years 2018 exports was 242683 million dollars from 2017 214323 million dollars. The exports have improved the overall economy of Vietnam and generated more overall wealth for the Vietnamese people. The improved value of exports has also caused decreased unemployment among Vietnam youthful population.
Imports are the type of merchandise we purchase from other countries like transport equipment, fuel Iron, and Steel. The overall value of imports has been on the increase for the past three years. In 2018 the amount was 235517 million dollars compared to 174804 in 2016.
Some of the few international commercial services in Vietnam included: office and telecom equipment, electronic data processing, telecommunications, and transportation.
Balance of trade is the sum of all exports of a country within a specified period which is mainly one year subtracted against the value of imports in the same time frame
BOT=TOTAL EXPORTS –TOTAL IMPORTS
The following table shows the balance of trade for the years 2017 and 2018 in 000` millions of dollars
| 2016 | 176581-174804 =2377 |
| 2017 | 214323-211518 =2805 |
| 2018 | 242683-235517 =7116 |
The above table shows a positive net income for our country, which means we have sustainable economic development. Our balance of trade has increased over the years, indicating that we have been increasing the value of exports while at the same time minimizing imports, which has led to economic growth. Vietnam has a surplus BOT.