Vietnam posts trade surplus of over US$54.6 million with Australia in May

Specifically, Vietnamese exports to the Australian market skyrocketed 66.5% against the same period from last year, resulting in two-way trade turnover to the demanding market surge by 5.3% to nearly US$5.7 billion during the five-month period.

Most notably, the country’s exports to Australia throughout the reviewed period also soared by 31.1% to double the country’s average growth rate.

Major Vietnamese export items enjoyed robust growth, including machinery along with equipment and spare parts, with turnover of more than US$405 million, up 121.5%; phones of all kinds and components with more than US$362 million, up 25.2%; crude oil with over US$317 million, up 24.5%; computers, electronic products, and components with over US$223 million, up 13.5%; and garments and textiles with US$209 million, up 20.6%.

Along with major export products, Vietnamese agro-forestry-fisheries exports to Australia also increased sharply with strong export growth being recorded in coffee with US$27.9 billion, up 108.7%.

Meanwhile, fruit and vegetable exports also soared by 36.2% to US$41.3 million, with cashew nuts recording the highest turnover of US$37.6 million, up 30.6%.

Statistics compiled by the General Department of Vietnam Customs indicate that Australia’s import value in the Vietnamese market fell by 9.7% in the opening five months of the year, mainly as a result of a reduction in importing coal and cotton products.

Industry insiders assessed that Vietnamese exports to Australia have enjoyed favourable conditions thanks to numerous trade promotion activities, especially through the participation of local firms in professional international fairs in Australia.

In particular, recent researches on shrimp, coffee, rice, durian, textiles, and construction materials all helped Vietnamese firms to gain greater insights into the Australian market, thereby boosting exports and securing their firm foothold in the fastidious market.