Vietnam trade beats estimates as buyers race Trump tariffs

FILE PHOTO: Coffee seedlings in the greenhouse at the Western Highlands Agro-Forestry Scientific Technical Institute in Buon Ma Thuot, Vietnam, on Tuesday, November 28, 2023. Vietnam is an export powerhouse that sells everything from coffee and clothing to engine parts. - Bloomberg

HANOI: Vietnam’s exports jumped more than expected in July, with buyers racing to avoid a 20 per cent tariff on the country’s exports to the US set to take effect on Aug. 7.

Exports rose 16 per cent in July from a year earlier to US$42.3 billion, the statistics office said in a statement, beating expectations of 14 per cent growth. Imports rose 17.8 per cent in the period to US$40 billion, more than the 15.2 per cent forecast. The trade surplus was US$2.27 billion, versus US$2.83 billion released in June.