VN trade with Australia drops 19% on lower crude oil prices
VN trade with Australia drops 19% on lower crude oil prices
Two-way trade between Viet Nam and Australia saw a year-on-year decrease of 19 per cent to US$4.93 billion in 2015, according to latest statistics from the General Department of Customs.
Of the sum, Viet Nam's exports to Australia reached $2.91 billion, down 27.2 per cent on-year while its imports from the market also witnessed a modest drop of 1.6 per cent to $2.02 billion. Despite the export reduction, Viet Nam still recorded a trade surplus of approximately $900 million with the market.
The Ministry of Industry and Trade blamed the steep decline in Viet Nam's exports to Australia on the significant drop in crude oil prices. Crude oil exports, which accounted for half of the Viet Nam's export value to Australia in recent years, dropped by 69.4 per cent year-on-year to $567 million in 2015.
Last year, telephones and components for the first time crossed crude oil to become the Viet Nam's largest export product to Australia with a turnover of $579.8 million, surging 32.5 per cent over same period last year.
Viet Nam's other export items to Australia included computers, electronics and component, earning a turnover of $217 million; footwear ($177 million); seafood ($171 million); and wood and wooden goods ($157 million), in addition to textile and garment ($142 million); machine and equipment ($141 million) and cashew nuts ($117 million).
Meanwhile, the country mainly imported metal with a turnover of $387 million; wheat ($312 million); coal ($127 million); and cotton ($87 million); in addition to iron and steel scrap ($77 million); machinery, equipment ($74 million) and garment and footwear production ($38 million) from Australia.
