Vietnam, UAE enjoy surge in two-way trade

Fishery products for export to the United Arab Emirates (Source: the Ministry of Industry and Trade)

Total two-way trade between Vietnam and the United Arab Emirates (UAE) reached 809 million USD in the first two months of this year, up 58 percent from the same period last year.

The UAE is one of Vietnam’s 10 largest export partners in the world and is the largest export partner of Vietnam in the Middle East and Africa, which has seen a surge in demand for imported goods in the time of COVID-19. Experts believe that there are plenty of opportunities for Vietnam to gain a stronger foothold in this market in the time ahead.

According to the Ministry of Industry and Trade, Vietnam has enjoyed high trade surplus with the UAE for years, posting 737 million USD worth of exports to UAE in January-February, up nearly 60 percent year-on-year while imports valuing 72 million USD, up 44 percent.

Phones and accessories were Vietnam’s key export earner from the UAE, bringing home 551 million USD, up about 108 percent from a year earlier and accounting for two thirds of the total exports to the Middle Eastern country.

A number of agricultural products also witnessed high growth. Specifically, exports of cashew nuts increased six-fold year-on-year to 10.3 million USD, while shipments of fishery products, fruit and vegetables, and pepper grew 18 percent, 12 percent, and 17 percent, respectively.

Meanwhile, due to impacts of COVID-19, shipments of footwear and textile-garment declined 23 percent and 11 percent, respectively, to 14 million USD and 11 million USD.

Among imported goods from the UAE, plastic materials valued the highest, 41.8 million USD, up 66 percent year-on-year. Vietnam also spent 8.7 million USD on importing cattle feed and materials, up 9 percent./.