Business

Vietnam-Australia trade hits record high in 2022

Two-way trade between Vietnam and Australia enjoyed a record year-on-year growth of 26.91% to 15.7 billion USD in 2022, according to the Vietnam Trade Office in Australia.
Vietnam-Australia trade hits record high in 2022 ảnh 1Data from the Vietnam Trade Office in Australia shows that many key exports of Vietnam continue to post high growth amid various challenges. (Photo: vneconomy.vn)

Sydney (VNA) – Two-way trade between Vietnam and Australia enjoyed a record year-on-year growth of 26.91% to 15.7 billion USD in 2022, according to the Vietnam Trade Office in Australia.

Vietnam’s export turnover to Australia last year expanded 26.18% year-on-year to 5.55 billion USD while its imports were valued at 10.14 billion USD, an increase of 27.31%.

Data from the office showsthat many key exports of Vietnam continue to post high growth amid various challenges, including machinery, equipment, tools, and otherspare parts (62.1%); footwear (41.3%); textiles (26.3%); aquatic products (37.3%); iron and steel (102.9%); handbags, suitcases and umbrellas (24.8%); coffee (62.53%); and electric wires and cables (81.2%).

Meanwhile, Australia continued to be an importantsupplier of raw materials for Vietnam’s production of coal, cotton, oresand other minerals, and wheat. 

Vietnam-Australia trade hits record high in 2022 ảnh 2Australian consumers choose  fresh litchi imported from Vietnam.(Photo: VNA)

Head of the trade officeNguyen Phu Hoa said that the industry structure of Vietnam and Australia arecomplementary to each other, helping the two economies enhance their advantagesinstead of competing.

Last year, the bilateral trade goals wereachieved quickly, he said, adding that Vietnam has become Australia's 10th largesttrade partner for the first time, while Australia is now Vietnam's 7th largesttrade partner.

Economic experts say that there is a great room for Vietnam and Australia to promote trade growth. The implementation of free trade agreements, including the ASEAN-Australia-New Zealand Free Trade Agreement (AANFTA), the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), offer opportunities forfurther cooperation between the two countries.

This year, the Vietnam Trade Office in Australia plans to implement promotion programmes for industries with large turnover and follows thedirections of the Ministry of Industry and Trade in expanding the Vietnamese imports andexports./.

VNA
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