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Import-export activities between Vietnam and Australia continue to maintain strong growth momentum

01/08/2022

Import and export of goods between Vietnam and Australia in the first 6 months of 2022 continued to maintain a strong growth momentum, with the two-way turnover reaching more than USD 8.01 billion for the first time, an increase of 38.45% over the same period last year.

Although the situation of international import and export of goods is still facing many difficulties, the economic - trade relationship of Vietnam and Australia is increasingly prosperous.

Regarding exports, in the first half of 2022, Vietnamese enterprises exported a volume of goods worth USD 2.78 billion to the Australian market, an increase of more than USD 691.35 million (equivalent to 33.07%) compared to the same period in 2021.

Vietnam's strong export items including coffee, seafood, iron and steel products and products from iron and steel, electronic components still have impressive growth. For example, iron and steel products increased by 548.63%; cameras, camcorders and components increased by 136.6%; coffee increased by more than 106.78%, machinery and equipment and spare parts increased by more than 91.47%... Meanwhile, vegetables, fruits and rice also continued to increase by double digits.

In the opposite direction, Vietnam's import turnover from Australia in the first 6 months of 2022 reached more than USD 5.23 billion, an increase of USD 1.53 billion (equivalent to 41.50%) over the same period last year. The items with strong import turnover are still mainly raw materials and input materials for production such as coal, wheat, cotton of all kinds, scrap iron and steel, iron and steel of all kinds.

In November 2021, Vietnam and Australia signed a Strategy to strengthen economic ties, aiming to make the two countries become the top 10 trading partners and double each other's two-way investment. This is a premise to create favorable conditions for businesses of the two countries to expand cooperation.

With the potential for development between the two countries, the Head of the Vietnam Trade Office in Australia believes that the prospect of import and export turnover of Vietnam and Australia will grow even better, potentially surpassing the forecast of USD 15 billion for the whole year of 2022, continuing to record a new trade record for the two countries.

In the upcoming period, the Vietnam Trade Office in Australia has planned to continue to implement many promotion programs according to the action plan set out, related to industries with large turnover, following the direction of the Ministry of Industry and Trade on expanding import and export for Vietnam's commodities.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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