Vietnam-Australia trade surges 32 percent in Q1

Rubber processing at Dau Tieng plantation in the southern province of Binh Duong. (Photo: VNA)

Sydney (VNA) – Bilateral trade between Vietnam andAustralia is growing strongly, reaching 1.38 billion USD in the first quarterof 2022, a surge of 32.36 percent against the same period last year, accordingto the General Department of Vietnam Customs.

A sharp increase was seen in Vietnam’s export of various agriculturaland industrial products to Australia, for example coffee (84 percent), aquaticproducts (51 percent), rubber (41 percent), and electric cable (26 percent).Notably, the shipments of iron and steel skyrocketed by more than 500 percent yearon year.

Australia is emerging as a supplier of much-needed materialsfor Vietnam, including coal, iron ore, metal, cotton, wheat and cattle feed,enabling the latter to boost production.

The Vietnamese Trade Office in Australia has regularlyupdated information on Australian importers and products’ current prices on itsown e-commerce mobile app Viet-Aus to help Vietnamese firms seek partnershipmore easily.

Last year, the two-way trade hit a record high of 12.4billion USD, up over 49 percent year-on-year. The same year, the two countries finalisedthe signing of the Australia-Vietnam Enhanced Economic Engagement Strategy tosupport their ambition of becoming each other’s top trade partner and doublingbilateral investment./.

VNA