Vietnam enjoys major trade surplus with UAE

Vietnam enjoyed a trade surplus of over US$2.5 billion with the UAE in the first seven months of this year, according to the Vietnamese Trade Office in UAE.

The UAE is one of Vietnam’s ten largest importers globally and its biggest trade partner in the Middle East and Africa, and Vietnam has boasted the trade surplus with the country for years.

Latest data from the General Department of Customs shows that the two-way trade hit nearly US$3.1 billion in the first seven month of the year, a year-on-year increase of 37.8 percent. Vietnam’s exports to the UAE totalled US$2.8 billion during the period, up 40.8 percent year on year; while imports exceeded US$286 million, up 13.3 percent.

Mobile phones and parts made up the largest share of the exports, with total value reaching US$1.85 billion, surging 48.1 percent year on year. It was followed by computers, electronics and components at US$264.4 million, up 17.4 percent; and machinery, equipment and parts, US$148.1 million and 43.1 percent.

The highest growth was seen in the shipments of cashew nut which were valued at US$23 million, tripling the same period last year’s figure. It was followed by pepper which recorded export revenue of close to US$40 million, up 185 percent.

The UAE is likely to be a very promising market for Vietnamese exporters in the coming years. The bilateral trade is expected to reach US$5 billion this year.