Vietnam enjoys US$1.93 billion trade surplus with Australia

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 remains Vietnam’s key export item to Australia.
Crude oil remains Vietnam’s key export item to Australia.

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.