Vietnam's exports to Australia
- Export turnover
Over the years, Australia has remained one of Vietnam's important export partners, ranking 12th among the country's largest export markets (2023 data from the General Department of Customs). Although Vietnam's exports to Australia have fluctuated over the years, they generally tend to increase in the 2014-2023 period, from 3.99 billion USD in 2014 to 5.22 billion USD in 2023. The average growth rate of Vietnam's exports to Australia during this period was 5.4%, significantly lower than the average growth rate of Vietnam's exports to the world in the same period (10.6%).
Australia is a potential export market for Vietnam thanks to the preferential tariff advantages from the AANZFTA, CPTPP, and RCEP agreements. However, Vietnam's export turnover to this country is still very modest, accounting for only 1.5% of the country's total export turnover (2023 data from the General Department of Customs). On the Australian side, Vietnam is also in the top 10 largest suppliers of goods to this country, however, the import turnover of goods from Vietnam only accounts for 2.3% of Australia's total import value of goods (2023 data from ITC Trademap). Thus, it can be seen that the potential and room for Vietnam's exports to the Australian market is still very large.
Table 1: Vietnam's exports to Australia in the period 2014-2023
|
Year |
Vietnam’s export value to Australia (billion USD) |
Vietnam's export growth rate to Australia |
Vietnam’s export growth rate to the world |
|
2014 |
3,99 |
13,70% |
13,77% |
|
2015 |
2,91 |
-26,95% |
7,86% |
|
2016 |
2,86 |
-1,71% |
8,99% |
|
2017 |
3,28 |
14,52% |
21,82% |
|
2018 |
3,97 |
20,88% |
13,29% |
|
2019 |
3,53 |
-11,06% |
8,44% |
|
2020 |
3,62 |
2,65% |
6,95% |
|
2021 |
4,40 |
21,56% |
18,94% |
|
2022 |
5,52 |
25,38% |
10,57% |
|
2023 |
5,22 |
-5,34% |
-4,59% |
Source: General Department of Customs, 2024
- Main export products and market shares
Vietnam's main export items to the Australian market are electrical machinery and equipment, mineral fuels, footwear, clothing, seafood, furniture, fresh fruit, etc.
Among the above products, Vietnam is in the top 5 largest exporting countries to Australia for 7/10 product groups. However, the import market share of Vietnamese products in Australia is still relatively limited, with only a few groups of products such as footwear, seafood, and fresh fruit accounting for a large import market share in the Australian market, accounting for 25.8%, 25.2%, and 19.4%, respectively.
The main competitors of Vietnamese goods in the Australian market are China, the United States, Germany, Italy, Taiwan (China), Korea, Japan, and some ASEAN countries (Malaysia, Indonesia, etc.)
Table 2: Top 10 products exported by Vietnam to Australia in 2023
|
No. |
Goods description |
Value (billion USD) |
Proportion in total import value of Australia |
Top 5 import countries of Australia |
|
1 |
Chapter 85: Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles |
2.190,67 |
7,57% |
China, USA, Vietnam, Germany, Malaysia |
|
2 |
Chapter 27: Mineral fuels, mineral oils and products of their distillation; mineral waxes |
681,39 |
1,66% |
South Korea, Singapore, Malaysia, Taiwan (China), Brunei |
|
3 |
Chapter 64: Footwear, gaiters and the like; parts of such articles |
495,59 |
25,82% |
China, Vietnam, Indonesia, Italy, Germany |
|
4 |
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof |
373,44 |
0,96% |
China, United States, Germany, Japan, Italy |
|
5 |
Chapter 62: Articles of apparel and clothing accessories, not knitted or crocheted |
281,25 |
7,48% |
China, Bangladesh, Vietnam, India, Indonesia |
|
6 |
Chapter 61: Articles of apparel and clothing accessories knitted or crocheted |
272,73 |
7,21% |
China, Bangladesh, Vietnam, India, Cambodia |
|
7 |
Chapter 03: Fish and crustaceans, molluscs and other aquatic invertebrates |
220,43 |
25,23% |
Vietnam, New Zealand, China, Denmark, Norway |
|
8 |
Chapter 94: Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings |
191,77 |
4,00% |
China, Vietnam, Italy, USA, Malaysia |
|
9 |
Chapter 73: Articles of iron or steel |
157,50 |
2,64% |
China, United States, India, Germany, Taiwan (China) |
|
10 |
Chapter 8: Fruits and nuts |
129,90 |
19,44% |
United States, Vietnam, New Zealand, Türkiye, Chile |
Source: ITC Trade Map, 2024
Source: Center for WTO and International Trade
