Statistics from the General Department of Vietnam Customs show that the total trade turnover of goods between Vietnam and Australia in January 2024 reached 1.25 billion USD, an increase of 43.4% over the same period in 2023 (872 million USD) and an increase of 10.6% over December 2023 (1.13 billion USD).
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| Many items grew positively compared to the same period, especially items such as phones of all kinds and components. |
Of which, export turnover in January 2024 reached 521.9 million USD, up 36.9% over the same period in 2023 (381.1 million USD) and up 31.1% over December 2023 (398 million USD).
Import turnover in January 2024 reached 729 million USD, up 48.4% over the same period in 2023 (491.4 million USD) and slightly up 0.3% over December 2023 (727 million USD).
Mr. Nguyen Phu Hoa, Head of the Vietnam Trade Office in Australia, said that bilateral trade between Vietnam and Australia in January 2024 had a very positive recovery and growth compared to the same period in January 2023, as well as the previous December 2023.
All items witnessed positive growth compared to the same period, especially key items such as phones of all kinds and components (+20.7%), textiles (+10.2%), machinery, equipment, tools and other spare parts (+8.7%), seafood (+89.5%)...
In particular, many of Vietnam's strengths, although their export turnover to Australia is still modest, have witnessed strong growth, such as coffee (+483.3%), iron and steel of all kinds (+386.7%), paper and paper products (+165.9%), and rice (+84.9%).
According to Mr. Nguyen Phu Hoa, the above results were achieved thanks to the two countries' governments paying attention to and considering economy and trade as one of the three pillars, and the number 1 pillar in the Strategic Partnership Action Program for the 2020-2023 period.
Accordingly, on the basis of three multilateral free trade agreements of which both countries are members (AANZFTA, CPTPP and RCEP), for the first time the two sides agreed and announced the Plan to implement the Economic Cooperation Enhancement Strategy (EEES) announced by the Prime Ministers of the two countries in November 2021 with specific measures and a clear deadline until 2025.
The recovery of bilateral trade in January 2024 compared to the same period in January 2023 was mainly due to strong growth from the low base of January 2023 when the global economy in general and the Vietnamese and Australian economies in particular during that period were negatively affected by inflation, causing a decline in purchasing power.
However, it can be seen that the recovery trend is being consolidated when compared with December 2023, the total import-export turnover has also had a quite positive recovery (+10.6%), mainly based on the growth of exports from Vietnam to Australia (+31.1%) due to insignificant import growth (+0.3%).
Recently, the Vietnam Trade Office in Australia has closely coordinated with the Trade Promotion Agency in the process of drafting the Conference documents, providing updated information on the Australian market situation, opportunities and challenges when exporting to the market.
Support a number of Vietnamese enterprises operating in the fields of iron and steel, wood products, interior design, instant noodles, medical clean room design and construction, toys, etc. to learn and research the Australian market such as the trade situation, import and export, retail, investment opportunities, and business development in Australia.
Mr. Nguyen Phu Hoa noted that in the Australian market, technical barriers, labeling requirements, and food hygiene and safety are very strict, with some standards even higher than those of the United States and the EU. In addition, agricultural products also face great competition from other countries in the Australian market.
The domestic export business community needs to carefully research market information, focusing on understanding consumer needs and tastes, local laws... for products that businesses intend to export.
At the same time, pay more attention to product packaging, ensure product quality, especially regulations on chemical ingredients and preservatives; pay attention to customs procedures and packaging to ensure the best transportation time to help preserve goods well.
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