Australia trade: VN has $410m surplus

17-Jun-2014 Intellasia | VNA | 6:00 AM Print This Post

Vietnam has experienced a trade surplus of $410 million with Australia in the last four months, according to the Vietnamese Trade Office in Australia.

During the period, Vietnamese exports to Australia grew 11.5 per cent over the same period last year, reaching approximately $1.07 billion.

Of Vietnam’s 32 export products to Australia, 13 products recorded a turnover of at least $10 million. These goods accounted for 89.1 per cent of the nation’s total export value to the market.

Among these reviewed goods, crude oil led with an export turnover of $497.4 million. Mobile phones and components ranked second, with $119.2 million, followed by steel and steel products, garment and textile, seafood, cashew nuts and footwear.

Meanwhile, agricultural exports were lacklustre. Coffee exports slumped 30 per cent compared with the same period last year, gaining $8.5 million. Pepper exports also declined by 6 per cent, hitting $3.2 million.

Rice exports remained flat at roughly 2,000 tonnes during the period. Analysts stated that it will be hard for Vietnamese rice exporters to foster their shipments to the market in the near future due to stiff competition from Thailand.

During the January – April period, Vietnam imported $658.3 million worth of goods from Australia, 1.5 times higher than the same period last year, with major imports including wheat, metals, iron, steel scrap, coal, pharmaceuticals, vegetable and fruits, machine and equipment as well as milk and milk products.

In Asean bloc, Australia has attached importance in enhancing bilateral relations with Vietnam, the Ministry of Industry and Trade’s Industry and Trade Information Centre revealed.


Category: Economy

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