Australia - "US$ billion" partner of Vietnam

VCN- At present, Australia is among the top 20 largest trading partners in Vietnam with the bilateral trade reaching billions of US dollars a year.
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According to the World Trade Organization (WTO), in recent years, Australia is one of the 30 countries and territories with the largest import and export value in the world. In particular, the country's exports focus on the group of raw materials and minerals (accounting for 57.3%) and the imports are mainly manufactured products (accounting for 75.7%).
australia us billion partner of vietnam
Telephone is one of the major exported items of Vietnam to Australia. Photo: Thai Binh.

The statistics of the General Department of Vietnam Customs in the past year shows that Australia is always in the top 20 countries with the largest value of exported and imported goods with Vietnam. In 2017, the total value of imports and exports between Vietnam and Australia reached US$ 6.45 billion, an increase of 22.7% over 2016.

In particular, Vietnam's exports to Oceania's largest market reached US$ 3.28 billion, an increase of 16.1% compared to 2016, accounting for 1.5% of Vietnam's total export turnover in 2017.

On the other hand, Vietnam's imports reached US$ 3.17 billion, an increase of 30.5% compared to 2016, accounting for 1.5% of the total import value of Vietnam last year.

In trade relations with Australia, Vietnam always achieves a surplus, but trade surplus is decreasing. In 2013 and 2014, Vietnam's trade surplus was US$ 1.76 billion and US$ 1.84 billion respectively. In 2015 and 2016, the trade surplus fell sharply to US$ 816 million and US$ 403 million respectively. In 2017, Vietnam had a surplus of US$ 116 million in trade with Australia, at the lowest level in the past five years.

Exports from Vietnam to Australia in the past years mainly focus on the groups of machines, accessories, electronics, shoes, textiles and seafood.

Particularly, the export value of various kinds of telephones and components; computers, electronic products and accessories in 2017 reached US$ 1.02 billion, accounting for nearly 31% of Vietnam's exports to the largest market in Oceania. Over the past few years, Vietnam focused on machinery, spare parts, electronics, footwear, textiles and seafood. Accordingly, electronic products and components in 2017 reached US$ 1.02 billion, accounting for nearly 31% of total export value of Vietnam to Australia.

Some other key exported items of Vietnam in 2017 such as crude oil reached US$ 262 million, an increase of 105% over 2016; footwear reached US$ 225 million, an increase of 7.8% over 2016; aquatic products reached US$ 185 million, down slightly by 0.7% over 2016; machinery, equipment, tools and spare parts reached US$ 175 million, an increase of 13.7% over 2016; textiles and garments reached US$ 173 million, an increase of 1.6%.

Meanwhile, the imports from Australia in 2017 were as follows: common metals (Customs sub-group) reached US$ 628 million, an increase of 30.6% over 2016; coal reached US$ 470 million, an increase of 45.3%; wheat reached US$ 424 million, an increase of 10.3%; cotton reached US$ 296 million, an increase of 64.3%.

Noteworthy information provided by the Australia Bureau of Statistics (ABS) and the Department of Foreign Affairs and Trade (DFAT) is that the value of its export to Vietnam reached US$ 1.167 billion in 2014, of which education-related exports accounted for 87%.

On the other hand, DFAT also noted that Australia imported services from Vietnam with a value of US$ 843 million, of which tourism services accounted for 68%.

australia us billion partner of vietnam Strong growth in Vietnam-Australia trade

Australia ranked 14th among more than 200 Vietnam’s trade partners with the total value of imports and ...

According to the latest statistics of the General Department of Vietnam Customs, by the end of February 2018, the total export turnover of Vietnam to Australia reached approximately US$ 590 million, an increase of nearly 46.8% over the same period in 2017, approximately 188 million USD.

Total import value reached nearly US$ 443 million, an increase of 16.8% over the first two months of last year.

Thus, by the end of February 2018, Vietnam's export surplus to Australia reached US$ 147 million.

By Thai Binh/ Hoang Anh

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