Vietnam-Australia Trade in 2023 Hits Nearly $14 Billion with Strong Growth in Cement Exports
The robust increase in cement exports from Vietnam to Australia reflects a positive trend and showcases the opportunities for Vietnamese products in the Australian market.
In 2023, bilateral trade between Vietnam and Australia amounted to $13.76 billion, experiencing a 12% decrease compared to 2022. Despite this overall decline, Vietnam's export of clinker and cement to Australia saw an impressive surge of 119.7%, totaling $23.45 million. This remarkable growth in cement exports underscores the strengthening trade relations between the two countries and highlights the potential for further expansion in the construction materials sector.
The trade dynamics between Vietnam and Australia have been influenced by various factors, including economic and trade downturns. However, the robust increase in cement exports from Vietnam to Australia reflects a positive trend and showcases the opportunities for Vietnamese products in the Australian market. This growth is part of a broader pattern of increasing bilateral trade, supported by the exploitation of several multilateral trade agreements that both countries are part of, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).
Source: Bao Dau Tu
