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Vietnam-Australia trade turnover enjoys robust growth

18:23 | 17/04/2022

Two-way trade turnover between the nation and Australia continued to increase sharply during the initial months of the year, according to figures given by the General Department of Vietnam Customs.

Vietnamese dragon fruit is put for sale at Australian supermarkets (Photo: Vietnamese trade office in Australia )
Vietnamese dragon fruit is put for sale at Australian supermarkets (Photo: Vietnamese trade office in Australia )

Statistics show that Vietnamese export turnover to Australia in the first quarter of the year increased by 32.36% to US$1.38 billion against the same period from last year.

Most notably, coffee exports have seen the most impressive growth of 84%, while aquatic exports also grew by 51%. Rice exports continued to pick up amid Australia reducing rice imports from other countries.

Aside from agricultural products, advantageous Vietnamese industrial exports to Australia also recorded impressive growth, with iron, steel of all kinds, as well as rubber and electric cables, all witnessing rises of more than 500%, 41%, and 26%, respectively.

Furthermore, Australia has emerged as a supplier of much-needed materials for Vietnam, including coal, iron ore, metal, cotton, wheat, and cattle feed, enabling the country to boost its production.

The Vietnamese Trade Office in Australia stated that it has ramped up a wide range of events aimed at strengthening connectivity between supply and demand, as well as trying to boost import-export activities with the ultimate aim of making contributions to the national economy.

This comes as the trade office has regularly provided updated information on Australian importers and current prices via its own e-commerce mobile app Viet-Aus in a bid to help local firms seek partnership more easily.

Last year witnessed total two-way trade turnover record strong growth, surpassing the figure of US$12.4 billion for the first time, representing a rise of over 49% compared to 2020.

Vietnam and Australia also completed the signing of the Enhanced Economic Engagement Strategy in order to turn both countries into top trading partners.

Through the proper import and export structure, the two countries’ trade turnover is anticipated to grow steadily in the near future.

Source: VNA