Vietnam: Merchandise exports rebound in February
Latest reading: Merchandise exports rebounded 26.0% over the same month last year in February (January: -4.2% yoy), partly due to shifting Lunar New Year holidays and front-loading of shipments to the U.S., given reciprocal tariff risks. February’s result marked the most robust increase since January 2024 and exceeded market expectations. Meanwhile, merchandise imports shot up 40.1% on an annual basis in February (January: -2.7% yoy), marking the strongest reading since May 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.5 billion deficit in February (January 2025: USD 3.0 billion surplus; February 2024: USD 1.4 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 20.4 billion surplus in February, compared to the USD 23.3 billion surplus in January.