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Vietnam Trade August 2023

Vietnam: Merchandise exports fall at a sharper pace in August

Merchandise exports decreased 7.6% in annual terms in August, following July’s 2.2% drop. August’s decline was mainly due to lower exports of oil, chemicals, machinery and several foodstuffs. In contrast, exports from the crucial electronics sector rose. Meanwhile, merchandise imports declined 8.3% on an annual basis in August (July: -11.6% yoy), marking the strongest reading since February 2023, likely influenced by a tougher base effect for energy prices.

As a result, the merchandise trade balance improved from the previous month, recording a USD 3.8 billion surplus in August (July 2023: USD 3.1 billion surplus; August 2022: USD 3.9 billion surplus).

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