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Vietnam Trade February 2024

Vietnam: Merchandise exports fall in February

Merchandise exports declined 5.2% on an annual basis in February (January: +46.2% year-on-year), dragged down by the Lunar New Year (LNY) festivities which occurred in the month. Meanwhile, merchandise imports climbed 0.2% in annual terms in February (January: +34.6% yoy). Looking at January and February together to remove LNY distortions, exports and imports both grew by double digits, with the strong rise in exports driven by improved global electronics demand.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.4 billion surplus in February (January 2024: USD 3.6 billion surplus.

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