Vietnam Trade Balance Swings to Deficit in March

Vietnam’s trade balance reversed to a deficit of USD 0.67 billion in March 2026 from a surplus of USD 1.70 billion in the same month a year earlier. Year-on-year, exports rose 20.1% to USD 46.44 billion while imports grew faster at 27.8% to USD 47.11 billion. For the first quarter, exports increased 19.1% to USD 122.93 billion, with sales of computers, electronics, and components surging over 40%, while phones and machinery rose 23.1% and 18.2%, respectively. Meanwhile, the agriculture, forestry, and fisheries sector expanded 5.9%. Imports in the period jumped 27.0% to USD 126.57 billion, resulting in a cumulative trade deficit of USD 3.64 billion.

Vietnam's trade deficit narrowed to USD 1.04 billion in February 2026 from USD 1.58 billion in the same month last year. Exports rose 5.7% year-on-year to USD 33.06 billion, driven by higher sales of crude oil (11.1%) and other products (17%). Meanwhile, imports increased at a softer pace of 4.4% to USD 34.1 billion, with purchases rising for corn (145.4%), soybeans (68%), and liquefied petroleum gas (174.3%). For the first two months of 2026, Vietnam’s trade balance showed a deficit of USD 2.98 billion, with the domestic sector in deficit by USD 6.5 billion, while the foreign-invested sector posted a surplus of USD 3.52 billion. Processed industrial goods accounted for USD 68.55 billion, or 89.8% of total exports in the period, whereas imports of production materials totaled USD 74.67 billion, representing 94.1% of total imports. The US remained Vietnam’s largest export market at USD 23.8 billion, while China was the top import source at USD 31.9 billion.

Vietnam posted a trade deficit of USD 1.78 billion in January 2026, shifting from a USD 3.1 billion surplus in the same month of 2024. It marked the second straight month of trade deficit and the largest gap since February 2022, as exports rose less than imports. Outbound shipments grew 29.7% year-on-year to USD 43.19 billion, while imports jumped 49.2% to USD 44.97 billion. During the month, shipments of processed industrial goods totaled USD 38.43 billion, accounting for 89.0% of total exports, while imports of production materials amounted to USD 42.3 billion, representing 94.0% of total imports. The US remained Vietnam’s largest export market, with turnover reaching USD 13.9 billion, while China was the largest importer, with turnover of USD 19.0 billion. The surplus with the US was $12 billion in January, nearly 30% higher than a year earlier, and only slightly lower than the USD 12.3 billion in December. Last year, Vietnam registered a total trade surplus of USD 20.03 billion.