Q1/2026: Imports and exports increased by 23%, trade balance shifted towards a trade deficit.

Total merchandise import and export turnover in the first quarter of 2026 surged strongly, reaching US$249.50 billion, a 23% increase compared to the same period last year. Notably, despite a 19.1% increase in exports, the trade balance in the first quarter recorded a trade deficit of US$3.64 billion...

Goods exports and imports in the first quarter of 2026 continued their strong growth. (Illustrative image.)

According to a report released by the General Statistics Office (Ministry of Finance) on the morning of April 4, 2026, in March, the value of goods exports and imports reached US$93.55 billion, an increase of 39.2% compared to the previous month and an increase of 23.9% compared to the same period last year. For the first quarter of 2026, the total value of goods exports and imports reached US$249.50 billion, an increase of 23.0% compared to the same period last year, with exports increasing by 19.1% and imports increasing by 27.0%.

Specifically, merchandise exports in March reached US$46.44 billion, a 40.3% increase compared to the previous month. Of this, the domestic economic sector accounted for US$8.96 billion, a 39.2% increase; while the foreign-invested sector (including crude oil) accounted for US$37.48 billion, a 40.6% increase. Compared to the same period last year, merchandise exports in March increased by 20.1%, with the domestic economic sector decreasing by 20.1% and the foreign-invested sector (including crude oil) increasing by 36.5%.

Goods exports and imports in the first quarter of 2026. Source: General Statistics Office.

Overall, in the first quarter of 2026, merchandise exports reached US$122.93 billion, an increase of 19.1% compared to the same period last year. Of this, the domestic economic sector accounted for US$24.47 billion, a decrease of 16.6%, representing 19.9% ​​of total exports; while the foreign-invested sector (including crude oil) accounted for US$98.46 billion, an increase of 33.3%, representing 80.1%.

In the first quarter of 2026, 20 product categories achieved export turnover exceeding 1 billion USD, accounting for 86.8% of total export turnover (with 5 product categories exceeding 5 billion USD, accounting for 62.4%).

Value of some export items in the first quarter of 2016. Source: General Statistics Office.

Regarding the structure of export product groups in the first quarter of 2026, the processed industrial goods group reached US$110.52 billion, accounting for 89.9%; the agricultural and forestry products group reached US$9.34 billion, accounting for 7.6%; the aquatic products group reached US$2.64 billion, accounting for 2.2%; and the fuel and mineral products group reached US$0.43 billion, accounting for 0.3%. 

Conversely, merchandise imports in March reached US$47.11 billion, a 38.2% increase compared to the previous month. Of this, the domestic economic sector accounted for US$13.45 billion, a 40.8% increase; while the foreign-invested sector accounted for US$33.66 billion, a 37.1% increase. Compared to the same period last year, merchandise imports in March increased by 27.8%, with the domestic economic sector decreasing by 3.7% and the foreign-invested sector increasing by 47.1%.

Overall in the first quarter of 2026, merchandise imports reached US$126.57 billion, an increase of 27.0% compared to the same period last year. Of this, the domestic economic sector accounted for US$35.2 billion, a decrease of 4.3%; while the foreign-invested sector accounted for US$91.37 billion, an increase of 45.3%.

In the first quarter of 2026, 22 imported items had a value exceeding $1 billion, accounting for 82.8% of total import turnover (including 2 imported items exceeding $5 billion, accounting for 49.8%).

Value of some imported goods in the first quarter of 2016. Source: General Statistics Office.

Regarding the structure of import groups in the first quarter of 2026, the production materials group reached US$118.84 billion, accounting for 93.9%, of which machinery, equipment, tools and spare parts accounted for 55.3%; raw materials, fuels and materials accounted for 38.6%. The consumer goods group reached US$7.73 billion, accounting for 6.1%.

Regarding the import and export markets for goods in the first quarter of 2026, the United States was Vietnam's largest export market with a turnover of 39.0 billion USD. China was Vietnam's largest import market with a turnover of 50.1 billion USD.

In the first quarter of 2026, Vietnam's trade surplus with the United States reached $33.9 billion, a 24.2% increase compared to the same period last year; the trade surplus with the EU was $10.6 billion, a 6.6% increase; the trade surplus with Japan was $0.4 billion, a 28.4% decrease; the trade deficit with China was $33.3 billion, a 34.4% increase; the trade deficit with South Korea was $10.6 billion, a 48.7% increase; and the trade deficit with ASEAN was $5.0 billion, a 31.3% increase.

With the above results, the merchandise trade balance in March showed a deficit of US$0.67 billion. For the first quarter of 2026 as a whole, the merchandise trade balance showed a deficit of US$3.64 billion (compared to a surplus of US$3.57 billion in the same period last year). Of this, the domestic economic sector had a deficit of US$10.73 billion; while the foreign-invested sector (including crude oil) had a surplus of US$7.09 billion.

In the first quarter of 2026, service exports are estimated to reach US$9.1 billion, an increase of 19.2% compared to the same period last year. Of this, tourism services accounted for US$4.9 billion (53.8% of total export value), an increase of 16.7%; and transportation services accounted for US$2.65 billion (29.1%), an increase of 29.3%. 

Service imports in the first quarter of 2026 are estimated at US$10.78 billion (including US$4.0 billion in transportation and insurance service fees for imported goods), an increase of 16.9% compared to the same period last year. Of this, transportation services reached US$4.75 billion (accounting for 44.1% of total import value), an increase of 27.2%; and tourism services reached US$3.8 billion (accounting for 35.3%), an increase of 11.8%.

The services trade deficit for the first quarter of 2026 is $1.68 billion.

Source: vneconomy.vn