Vietnam trade with Australia drops 19% on lower crude oil prices
Two-way trade between Vietnam and Australia saw a year-on-year decrease of 19% to US$4.93 billion in 2015, according to latest statistics from the General Department of Customs.
Of the sum, Vietnam's exports to Australia reached US$2.91 billion, down 27.2% on-year while its imports from the market also witnessed a modest drop of 1.6% to US$2.02 billion.
Despite the export reduction, Vietnam still recorded a trade surplus of approximately US$900 million with the market.
The Ministry of Industry and Trade blamed the steep decline in Vietnam's exports to Australia on the significant drop in crude oil prices.
Crude oil exports, which accounted for half of the Vietnam's export value to Australia in recent years, dropped by 69.4% year-on-year to US$567 million in 2015.
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Vietnam's other export items to Australia included computers, electronics and component, earning a turnover of US$217 million; footwear (US$177 million); seafood (US$171 million); and wood and wooden goods (US$157 million), in addition to textile and garment (US$142 million); machine and equipment (US$141 million) and cashew nuts (US$117 million).
Meanwhile, the country mainly imported metal with a turnover of US$387 million; wheat (US$312 million); coal (US$127 million); and cotton (US$87 million); in addition to iron and steel scrap (US$77 million); machinery, equipment (US$74 million) and garment and footwear production (US$38 million) from Australia.
