Vietnam: Merchandise exports increase in September
Merchandise exports increased 4.6% on an annual basis in September, following August’s 6.5% drop. September’s figure marked the best print and the first rise in exports since February 2023. Exports rose for key subsectors such as electronics, vehicles and textiles. Meanwhile, merchandise imports expanded 2.6% in annual terms in September (August: -5.8% yoy), marking the strongest result since October 2022 and buoyed by surging imports of electronics and components.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.3 billion surplus in September (August 2023: USD 3.4 billion surplus; September 2022: USD 1.6 billion surplus).
The September trade data is encouraging, and hints at an incipient turnaround in global electronics demand, which had been subdued up until now.