Trade between Vietnam and Australia rose 32% in the first quarter

Trade between Vietnam and Australia is growing strongly, reaching US $ 1.38 billion in the first quarter of 2022, up 32% from the same period last year, according to the Vietnamese Customs Department.

Modification of latex intended for export at the Dow Tiang Rubber Farm in Bin Duang (Southern) Province.

Photo: VNA / CVN

Vietnam’s exports of various agricultural and industrial products, including coffee, grew strongly by 84%, aquaculture products by + 51% and rubber by + 41%. Iron and steel exports have grown by more than 500% year-on-year.

Australia is becoming a major supplier of essential commodities to Vietnam such as coal, iron ore, metals, cotton, wheat and animal feed, thus enabling the country to increase production.

Last year, two-way trade reached $ 12.4 billion, up 49% year-on-year. In the same year, the two countries finalized the signing of a strategy of strengthened economic engagement to become the first trading partner of other countries and to double bilateral investment.

VNA / CVN