20 per cent duties<\/a> on its goods, which the Trump administration imposed to cut its huge trade gap with the country.<\/p>\nExports to the US rose year-on-year by 22.5 per cent in November, outpacing shipments to the rest of the world, which increased by 15.1 per cent, according to Vietnam’s statistics agency.<\/p>\n
The surge in exports to the US translated into a record trade surplus, which in the January-November period already far exceeds the reading for all of 2024, when it hit $104.5 billion, according to Vietnamese data that is usually more conservative than US figures.<\/p>\n
The latest US customs data is for August.<\/p>\n
However, month-on-month, Vietnam’s November exports fell 7.1 per cent to $39.07 billion, and shipments to the US went down by 7.3 per cent after a decline of 2.2 per cent in October. November was the fourth consecutive month that month-on-month exports to the US have fallen.<\/p>\n
Vietnam said last month it was\u00a0working to sign\u00a0a trade agreement with the US soon, after the two countries in October said they had agreed to a framework for the deal.<\/p>\n
Vietnam in November recorded an overall trade surplus of $1.09 billion, down from $2.6 billion in October.<\/p>\n
For the first 11 months of this year, exports rose 16.1 per cent to $430.14 billion, while imports were up 18.4 per cent to $409.61 billion.<\/p>\n
That resulted in a trade surplus of $20.53 billion, driven by a positive balance with the United States, the European Union and Japan, which more than offset deficits with China and South Korea.<\/p>\n
The trade deficit with China in the January-November period rose 38.1 per cent year-on-year to $104.3 billion.<\/p>\n
Separately, consumer prices in November rose 3.58 per cent from a year earlier, the data showed, while industrial production climbed 10.8 per cent.<\/p>\n
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