Boosting exports to AustraliaUpdate: 10/21/2014
(VEN) - In the first nine months of 2014, Vietnam recorded a surplus of about US$1.4 billion in trade with Australia. In the recent period, Vietnam has achieved a continuous trade surplus with Australia and the value of Vietnamese exports to the country has increased.
Continuous trade surplus
According to the Ministry of Industry and Trade, in the first nine months of 2014, Vietnam exported to Australia US$3 billion worth of products, a rise of 24.5 percent compared with the same period last year. With the import value reaching about US$1.6 billion, Vietnam achieved a surplus of US$1.4 billion in trade with Australia, Vietnam’s largest export market in Oceania.
Vietnam exported to Australia many kinds of products with crude oil topping the list. In the first eight months of 2014, Vietnam exported to Australia US$1.4 billion worth of crude oil, up 53.7 percent compared with the same period last year. Telephones and components ranked second with their export value reaching US$243.1 million, followed by seafood US$144.37 million, up 34.3 percent.
Vietnamese goods are becoming more attractive to Australian consumers. In the first eight months of 2014, Vietnam achieved high export growth compared with the same period last year. Specifically, the export value of iron and steel grew 203.2 percent, reaching US$29.48 million; electrical wires and cables 138.2 percent; transport means and spare parts 61.4 percent; pepper 52.6 percent; normal metals 49 percent; textiles and garments 46.7 percent.
According to the Vietnam Trade Office in Australia, the Australian market would offer foreign businesses and Vietnamese businesses in particular lots of opportunities due to its heavy dependence on imported goods catering for domestic consumers and industrial production. Australia is an open market with very low import taxes. Notably, under the ASEAN-Australia-New Zealand Free Trade Agreement, about 96 percent of Australian tariffs were eliminated in 2010 and the remainder, four percent, will be eliminated by 2020. Australia has high demand for importing labor intensive products that are Vietnam’s advantages such as textiles and garments, footwear, wood products, seafood and cashews.