- Despite a slowdown of the global economy, Vietnam’s export and import growth in 7M 2022 remained high at 16.1% YoY and 13.6% YoY, respectively. The country recorded a trade surplus of USD1.1bn in 7M 2022 (vs a trade deficit of USD3.3bn in 7M 2021), which was largely supported by a trade surplus from textiles & footwear (USD24.3bn) and phones & cameras (USD23.8bn) (Figures 1-4).

- However, Vietnam’s latest trade data has started to reflect the global slowdown. In July, export and import growth weakened to 9.9% YoY and 4.2% YoY from 16.5% YoY and 20.7% YoY in June, respectively (Figures 5 & 6).

- Among key export categories, exports of mobile phones & cameras dropped 5.9% YoY in July — their weakest growth over the past six months. Export growth of PCs & electronics also slowed in July. Furthermore, export growth of several other categories has weakened over the past several months, including food & agriculture, chemicals & plastics and metals. In contrast, exports of textiles & footwear continued to rise as they increased 24% YoY in July (Figures 7 & 8).

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