Crude oil took the lead with a value of $989 million, a yearly rise of 44.1 per cent. — Photo vietpess

HA NOI (Biz Hub) — Viet Nam has seen a trade surplus of over US$924 million with Australia in the first half of this year, the General Department of Customs reported.

During the reviewed period, Vietnamese exports to Australia rose 24.3 per cent year-on-year, reaching $1.89 billion, it said, adding that a majority of Viet Nam's exported goods to the market had enjoyed an increased turnover over last year's corresponding period.

Crude oil took the lead with a value of $989 million, a yearly rise of 44.1 per cent. It was followed by mobile phones and components with $185 million, up 21 per cent and seafood with $105 million, up 36.5 per cent.

Notably, despite generating a modest export turnover of $19.3 million, steel and iron recorded the highest growth of 215.6 per cent compared with the same time last year. Other items experiencing encouraging growth, included confectionery, bags, wallets and suitcases, bamboo-made products as well as textiles and garments.

During the January to June period, Viet Nam imported over $971.56 million worth of goods from Australia, surging 37.3 per cent, with major imports including wheat, iron and steel scrap, materials for garment and footwear production, machinery, equipment and cotton.

The Ministry of Industry and Trade's Industry and Trade Information Centre said that the closer geographic distance as compared with other markets such as the EU and US, and the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), would facilitate Vietnamese exports to Australia.

With these advantages, Vietnamese enterprises should foster trade promotion to such potential markets with a focus on joining trade fairs and exhibitions to better advertise their products and services, the centre suggested. — VNS