Total two-way trade between Vietnam and the United Arab Emirates (UAE) reached US$809 million in the first two months of this year, up 58% 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 US$737 million worth of exports to UAE in January-February, up nearly 60% year-on-year while imports valuing US$72 million, up 44%.
Fishery products for export to the United Arab Emirates. (Photo: the Ministry of Industry and Trade)
Phones and accessories were Vietnam’s key export earner from the UAE, bringing home US$551 million, up about 108% 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 US$10.3 million, while shipments of fishery products, fruit and vegetables, and pepper grew 18%, 12%, and 17%, respectively.
Meanwhile, due to impacts of COVID-19, shipments of footwear and textile-garment declined 23% and 11%, respectively, to US$14 million and US$11 million.
Among imported goods from the UAE, plastic materials valued the highest, US$41.8 million, up 66% year-on-year. Vietnam also spent US$8.7 million on importing cattle feed and materials, up 9%.
