Vietnam Posts Largest Trade Gap Since 1996

Vietnam posted a trade deficit of USD 3.28 billion in April 2026, shifting from a surplus of USD 0.90 billion in the same month a year earlier. It marked the largest trade gap since December 1996, as imports rose faster than exports. Exports rose 21% from a year earlier to USD 45.52 billion, while imports grew faster at 32.5% to a record high of USD 48.8 billion. For the first four months of the year, the country recorded a USD 7.11 billion trade deficit, with exports rising 19.7% year-on-year to USD 168.53 billion, and imports advancing 28.7% to USD 175.64 billion. During the period, processed industrial goods were estimated at USD 151.5 billion, accounting for 89.9% of total exports. The US remained the largest export market, with an estimated value of USD 53.9 billion. Meanwhile, production materials were estimated at USD 165.37 billion, accounting for 94.2% of total imports. China remained the largest import market.

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.