The two-way trade turnover between Vietnam and the United Arab Emirates (UAE) totalled nearly 3.1 billion USD in the first 7 months of 2021, a year-on-year increase of 37.8%, according to the latest data from the General Department of Vietnam Customs.
Vietnam’s export turnover to the UAE reached approximately 2.8 billion USD, up 40.8%, while imports from the market reached 286 million USD, up 13.3%. The UAE is one of Vietnam’s partners gaining the largest export growth rate. The rate is also higher than the national average growth of 26.4%.
UAE is among the 10 largest export partners of Vietnam in the world, and the largest trading partner of Vietnam in the Middle East and Africa. In the balance of trade, Vietnam always earns trade surplus with this market.
Regarding the structure of exports, mobile phones and components bagged the biggest export turnover of 1.85 billion USD, up 48.1% year on year. It was followed by computers, electronic products and components with 246.4 million USD (up 17.4%); and machinery, equipment, tools and spare parts, 148.1 million USD (up 43.1%). Products enjoying the best growth rates are cashew nuts with USD 23 million (up 200%) and pepper with nearly 40 million USD (up 185%).
However, a number of items saw turnover decrease, including bags, wallets, suitcases, hats and umbrellas, with 7 million USD (down 45.4%); tea, 1.4 million USD (down 34.6%); rice, 16 million USD (down 15.4%); and paper and paper products, 2.4 million USD (down 10%).
Regarding the structure of imported goods, plastic materials had the largest import value of 123.6 million USD (up 48.8%). Some other import items seeing import value increase are liquefied petroleum gas, 57 million USD; common metals, 19.2 million USD; animal feed and raw materials 13.8 million USD; and other petroleum products, 15.5 million USD.
With such growth momentum, the two-way trade turnover between Vietnam and the UAE is expected to reach 5 billion USD in 2021.
