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Vietnam Trade November 2023

Vietnam: Merchandise exports increase at a faster pace in November

Merchandise exports rose 6.7% year-on-year in November, on the heels of October’s 5.9% increase. November’s result marked the strongest increase since February 2023. Double-digit growth in electronics—the largest export subsector—drove the reading, likely aided by the gradual bottoming-out of the global electronics downturn. Meanwhile, merchandise imports expanded 5.1% on an annual basis in November (October: +5.2% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.3 billion surplus in November (October 2023: USD 3.0 billion surplus; November 2022: USD 0.8 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 27.4 billion surplus in November, compared to the USD 26.9 billion surplus in October.

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