Statistics from the Ministry of Industry and Trade (MOIT) show that trade between Vietnam and the Middle East has been on a recovery momentum with total trade volume reaching US$12.8 billion in 2017, up 17.4% from US$10.9 billion in 2016. It is noteworthy that Vietnam’s enjoyed a quite high trade surplus against the market in 2017, at US$6.4 billion.In particular, the export turnover to the main markets in the region was estimated at US$8.6 billion, up 11.98% over 2016. For the whole year 2017, the total export turnover to the entire Middle East reached US$9.6 billion.The main export items to this market are primarily mobile phones, computers and electronic components; aquatic products, footwear, textiles, fiber yarn, rice, pepper; wood and wood products; cashews, rubber, vegetables and fruits, and coffee. In addition, exports of tea and steel products continued to grow strongly with considerable turnover.Regarding imports, the import turnover has been well controlled with imports from key markets totaling US$2.85 billion, up 3.16% from 2016. For the whole 2017, total imports from the entire Middle East region reached US$3.2 billion.Nguyen Minh Phuong, an official from the MOIT’s Asian and African Market Department, said that for a long time, Vietnamese exporters have… Read full this story
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