Vietnam enjoys trade surplus with UAE market

Vietnamese export turnover to the United Arab Emirates (UAE) soared by roughly 60% to approximately US$737 million during the past two months, with imports enjoying a surge of 44% to US$72 million, according to data released by the Vietnamese Trade Office in the UAE and Qatar.

Overall, the total two-way trade turnover during the reviewed period recorded an increase of 58% to US$809 million compared to the same period from last year.

Phones and components remain the major export items to the UAE, raking in US$551 million, a year-on-year increase of nearly 108%, thereby making up two-thirds of total export turnover.

Vietnamese agro-aquatic exports to the Middle Eastern state have also experienced robust growth, with turnover of key export commodity groups such as cashew nuts, fisheries products, fruit and vegetables, and pepper witnessing significant increases. By contrast, the export turnover of footwear and textiles endured a decline due to the adverse range of impact caused by the COVID-19 pandemic.

Recent years has seen the UAE become one of the country’s ten major export partners, along with its largest export partner in both the Middle East and Africa.

Due to its advantageous geographical location, flexible foreign trade policies, modern infrastructure, along with the normalisation of relations with some other countries in the region, the UAE can be considered a gateway for Vietnamese goods looking to make breakthroughs in the Middle East and Africa as a whole.

There is plenty of potential for local firms to make further inroads into the UAE market given such as factors as the recovery of consumption demand globally in the post-COVID-19 period, coupled with trade promotion activities carried out by relevant Vietnamese agencies, said the Trade Office.

Source: VOV