Vietnam enjoys US$1.93 billion trade surplus with Australia

Wednesday, 2015-02-04 17:20:17
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Crude oil remains Vietnam’s key export item to Australia.
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NDO – Vietnam exported US$3.99 billion worth of goods to Australia in 2014, up 13.7% against 2013, while importing commodities worth US$2.06 billion, resulting in a continuing trade surplus of US$1.93 billion, according to the General Department of Vietnam Customs. 

Crude oil continued to be Vietnam’s key export item to Australia, taking up 46% of the total export revenue.

Some groups of items including farming products and seafood gained the best growth rates among Vietnamese export items, increasing by 17.5% over the same periods last year, with pepper up 52.5%, seafood up 20.7% and cashew up 12.6%.

Items of the manufacturing industry also saw a year-on-year 13.9% increase, with some exhibiting dramatic growth such as iron and steel (up 121%), electric wires and cables (80.4%), transport means and components (66.5%), garments and textiles (46.7%), footwear (30.6%) and wood products (22.6%).

Vietnam’s imports from Australia also saw an increasing trend, particularly with groups of input items for domestic production such as plastic materials (up 117.5%), materials and accessories for textiles, garment and footwear (96%), ores and minerals (83.9%) and cotton (74.8%).

Wheat remained Australia’s top export item to Vietnam, accounting for about 22% of Australia’s export turnover to Vietnam. In 2014, Vietnam imported about US$452.49 million of wheat from Australia, up 5.3% compared to the previous year.