Vietnamese exports to Australia bring back nearly US$5.23 billion

The group of phones and components secured the largest export turnover with US$589.25 million, representing a fall of 23% year on year. They were followed by machinery, equipment, tools, and spare parts (US$562.88 million), crude oil (US$552.35 million) and computers, electronic products and components (US$506 million).

Industry insiders attributed the decline to the global economic recession.

Meanwhile, Vietnam spent over US$8.53 billion on importing goods from Australia, down 15.7% compared to 2022.

Most notably, coal imports of all kinds took the lead valued at US$3.28 billion, followed by ores and minerals (US$1.06 billion), cotton (US$1.02 billion), and wheat (US$924.5 million).

In fact, Vietnam – Australia trade has continued to enjoy robust growth in recent years as the two sides are fully tapping into incentives from a number of multilateral trade agreements.

In 2022, two-way trade turnover between the two countries reached US$15.7 billion, up 26.9% compared to 2021, making Australia the country’s seventh largest trading partner.

Of the total, Vietnamese exports edged up 26.2% to US$5.6 billion, whilst imports surged 27.3% to US$10.1 billion.