In the first months of 2022, exports from Vietnam to Australia continued to grow strongly, reflected in many different types of agricultural and industrial trade.

Statistical data of the General Department of Customs shows that export turnover from Vietnam to Australia in the first three months of 2022 has grown by 32.36% over the same period last year, reaching a turnover of USD 1.38 billion.

In which, agricultural products and vegetables continued to be the products with impressive growth, 24% higher than the same period last year. Specifically, coffee saw an increase of 84% over the same period, seafood  with an increase of 51%. Rice products after strong promotions in 2021, such as promotional events and invitations to try Vietnamese rice in some major Australian states, continued to grow, in the context of a decrease in "kangaroo country" rice imports from the world.

In addition, other strong industrial products of Vietnam exported to Australia also recorded impressive growth, such as iron and steel of all kinds with an increase of more than 500%, rubber with an increase of 41%, electric cables with an increase of 26%, plastic products with an increase of 26.61%, computers and components with an increase of 28.89%.

In the opposite direction, the largest market in Oceania is becoming a solid support for the growing Vietnam's manufacturing, as a market providing essential input materials, such as coal, iron ore, metals, cotton, wheat, animal feed, etc. Most notably, coal imports from Australia into Vietnam after the first three months of 2022 increased by 176% over the same period last year, cotton imports increased by 333% in turnover, etc.

According to the Vietnam Trade Office in Australia, following the direction of the Ministry of Industry and Trade and the representative agency, the Trade Office is promoting activities of connecting supply and demand, both exporting and importing, contributing to the development of Vietnam's economy. Currently, the Trade Office's e-commerce application has posted relevant information about importers and prices for Vietnamese businesses to refer to.

In 2021, the total two-way trade turnover between Vietnam and Australia recorded a record growth, surpassing the threshold of USD 12.4 billion for the first time, an increase of more than 49% compared to 2020.

Also last year, Vietnam and Australia completed the signing of the economic engagement strategy, which aims to support their shared ambition of making the two countries each other's top trading partners and doubling two-way investment. With the potential and reasonable addition from the structure of the import-export industry, it is expected that trade between Vietnam and Australia will continue to grow impressively in the coming time, bringing the total two-way trade turnover to a new record high.

Kylie Nguyen