According to the latest trade data released by the U.S. Bureau of Economic Analysis (BEA) and the Office of the United States Trade Representative (USTR), despite the continued application of high tariff policies by the U.S. administration to protect domestic production, imports of goods from Southeast Asia (ASEAN) into the U.S. market have recorded a significant increase. This trend reflects the ongoing global supply chain shift away from China, which remains subject to the highest tariff levels, currently averaging around 47.5%.

In September 2025, U.S. imports from China declined by approximately USD 4 billion compared with the previous month, while U.S. exports to the Chinese market saw only a marginal increase.

In 2024, total merchandise trade between the United States and ASEAN reached approximately USD 475.6 billion, with U.S. exports to ASEAN amounting to USD 123.5 billion, while imports from the region totaled USD 352.1 billion. As a result, the United States recorded a trade deficit of about USD 228.5 billion with ASEAN, which remains one of Washington’s largest trading partners in the Asia–Pacific region.

Within this overall picture, Viet Nam continued to be the United States’ largest ASEAN trading partner. In 2024, total two-way merchandise trade between Viet Nam and the United States was estimated at approximately USD 149.5 billion. Of this figure, U.S. imports from Viet Nam accounted for about USD 136.5 billion, while U.S. exports to Viet Nam reached around USD 13 billion, resulting in a U.S. trade deficit of more than USD 123 billion. Viet Nam’s major export products to the U.S. market include electronics, textiles and garments, footwear, furniture, and machinery and equipment.

Alongside Viet Nam, Malaysia also recorded notable growth in trade with the United States, with total bilateral trade in 2024 reaching approximately USD 80.1 billion. U.S. imports from Malaysia amounted to about USD 52.5 billion, mainly consisting of electronic products, semiconductor components, and chemicals, while U.S. exports to Malaysia stood at around USD 27.6 billion, resulting in a trade deficit of nearly USD 25 billion.

Meanwhile, Singapore represents a relatively unique case within ASEAN, as its trade relationship with the United States remains more balanced. In 2024, total U.S.–Singapore merchandise trade reached approximately USD 88.2 billion, with U.S. exports to Singapore totaling around USD 45 billion and imports amounting to about USD 43.2 billion, allowing the United States to record a slight trade surplus with the city-state.

As for the Philippines, its trade scale with the United States is smaller compared with major ASEAN economies. In 2024, U.S. exports to the Philippines reached approximately USD 9.3 billion, while imports amounted to about USD 14.2 billion, resulting in a U.S. trade deficit of roughly USD 4.9 billion, mainly in electronics, technology products, and processed agricultural goods.

These figures indicate that, amid a sharp decline in imports from China due to persistently high tariffs averaging around 47.5%, U.S. companies are increasingly sourcing goods from ASEAN economies, where tariff levels are generally lower and manufacturing capacity continues to improve. This trend clearly reflects the ongoing restructuring of global supply chains, with ASEAN—particularly Viet Nam—emerging as a key manufacturing and export hub for the U.S. market.

According to economic experts, the upward trend in U.S. imports from ASEAN is likely to continue in the coming period, especially in sectors such as electronics, textiles and garments, furniture, and components, thereby reinforcing Southeast Asia’s role in global trade while exerting a significant impact on the U.S. trade balance.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade.