Vietnam’s imports hit US$33.7 billion in August bringing the country’s total imports for the year to US$246.9 billion, an increase over 2023 of 18.1 percent, according to data from Vietnam’s General Department of Customs. Imports did, however, fall by .4 percent in August over July.
Of note, Vietnam’s role in manufacturing supply chains is mostly in the final stages of assembly and packaging which is often performed using imported parts and components. The slight fall in imports month-on-month could therefore be indicative of a future decline in exports. That said, it is only data from one month–July’s imports were up 11.2 percent over June and one data point does not a pattern make. That said, it may still be worth keeping an eye on.
See also: Vietnam Imports Tracker