Vietnam posts first-half trade surplus with Australia

Vietnam posts first-half trade surplus with Australia

Seafood is one of Vietnam’s major exports to Australia.

Nhan Dan Online – Vietnam recorded a trade surplus of US$924 million with Australia in the first six months of 2014, the General Department of Customs (GDC) has reported.

Vietnamese export revenue during the period was estimated at US$1.89 billion, up 24.3% compared with a year earlier.

The GDC said Vietnam’s largest export to Australia was crude oil, with revenue of US$989 million, up 44.1% over the same period of 2013.

Mobile phones and seafood came in second, with respective revenues of US$184.75 million and US$104.55 million, representing increases of 21% and 36.5%.

One notable export is steel, which recorded the largest increase in the first six months of 2014 at 215.6% to reach US$19.26 million.

On the import side, Vietnam purchased Australian goods worth US$971.56 million in the six months through June.

Main imports include machinery, equipment, chemicals, oil products, fabrics and other input materials.

The rise in the import of raw materials is a good sign that the domestic manufacturing sector was recovering and Vietnam’s market for sourcing raw materials was shifting.

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