Việt Nam had a trade deficit of more than US$1 billion with Australia last year, one year after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect.

 

Of which, coal was the imported commodity with the highest value of US$1.45 billion in the first 11 months of last year, rocketing by 96.8 per cent over the previous year, accounting for 35 per cent of total import turnover of goods from this market.

 

Ore and minerals ranked second, valued at $517 million, accounting for 12.5 per cent of the total import turnover from Australia.

 

Metal products ranked third in turnover, followed by wheat and iron and steel scrap.

 

Two-way trade between Việt Nam and Australia has changed significantly a year after the CPTPP came into effect, said the Import-Export Department under the Ministry of Industry and Trade.

 

Accordingly, the trade balance has shifted from a trade surplus to a trade deficit.

 

Việt Nam had a trade surplus with Australia of $215 million in 2018.

 

Two-way trade reached nearly $8.1 billion last year.

 

Việt Nam’s export turnover to Australia was $3.5 billion last year, down sharply from nearly $4 billion in 2018.

 

On the opposite side, Việt Nam’s imports from Australia increased to $4.56 billion from $3.75 billion in 2018. — VNS