In the first seven months, Vietnam exported $2.8 billion of goods to the United Arab Emirates (UAE), up 40.8 per cent on-year.
According to the General Department of Vietnam Customs, the total two-way trade turnover between Vietnam and the UAE in the first seven months reached nearly $3.1 billion, an increase of about 37.8 per cent over the same period last year.
Accordingly, Vietnam’s export turnover to the UAE reached approximately $2.8 billion, up 40.8 per cent, while import turnover reached over $286 million, up 13.3 per cent.
The Vietnam Trade Office in the UAE stated that the market is one of the 10 largest export partners of Vietnam. It is also the largest trading partner of Vietnam in the Middle East and Africa. In the balance of trade, Vietnam always has a large trade surplus with this market.
Mobile phones and components remained the category with the largest export turnover, reaching $1.85 billion, up 48.1 per cent on-year. This was followed by computers and electronic products, reaching $246.4 million, up 17.4 per cent; machinery, equipment, tools, and spare parts, reaching $148.1 million, up 43.1 per cent.
Agricultural products also had good growth rate, with cashew nuts reaching approximately $23 million, up 200 per cent and pepper reaching nearly $40 million, up 185 per cent.
However, turnover has decreased for a number of items, such as bags, wallets, suitcases, hats, umbrellas, tea, rice, as well as paper and paper products.
Vietnam has been importing input materials such as plastics, petroleum products, and gas from the UAE during the period. The item with the largest turnover was plastic raw materials, reaching $123.6 million, up 48. 8 per cent on-year.
Other categories with high import-turnover included liquefied petroleum gas, metals, animal feed and raw materials, and other petroleum products.
With this steady growth, along with the return of demand and consumption in the UAE and the world, especially during the year-end holidays, the UAE is forecast to remain a potential market for Vietnamese businesses.
With such growth momentum, bilateral trade turnover between Vietnam and the UAE is expected to reach $5 billion in 2021.