Merchandise trade surplus shrinks in October

Latest reading: In October, the trade balance was USD +2.6 billion, following a USD +2.8 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD +20.2 billion. Exports rose 18.0% in year-on-year terms in October, following a 25.2% rise in the prior month. Slower export growth was attributed to easing U.S. demand; in particular, the largest decrease in shipments was seen for phones—despite exemption from higher U.S. tariffs—followed by textiles. In contrast, footwear shipments rebounded in October after a sharp drop in the previous month. Imports rose 17.4% in year-on-year terms in October, following a 25.4% rise in the previous month. Geographically, the U.S. remained Vietnam’s largest export market despite trade protectionism, while China continued to be the main import source.

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