MUSCAT: The volume of trade exchange the Socialist Republic of Vietnam and countries of the Gulf Cooperation Council amounted to $13.4 billion in 2022, according to recent data shared by the Council. This figure represents a 22 per cent drop from the total value of $17.2 billion recorded in 2021.
Goods worth $10.6 billion, accounting for 79 per cent of the total, represented imports from Vietnam. It mainly comprised electrical machinery and equipment (60.4 per cent) valued at $6.4 billion, followed by miscellaneous items worth $2.3 billion representing 21.7 per cent of imports, and footwear valued at $0.8 billion representing 7.5 per cent.
Other items imported from Vietnam included machinery and mechanical appliances worth $0.5 billion (4.7 per cent of imports), clothing valued at $0.4 billion (3.8 per cent), and mineral fuels and oils worth $0.2 billion (1.9 per cent).
On the other hand, GCC exports to Vietnam totaled around $2.8 billion in value. The majority of these were plastics and plastic products valued at $0.9 billion (32.1 per cent of exports), followed by electrical machinery and equipment valued at $0.7 billion (25 per cent), mineral fuels, oils, and waxes worth $0.5 billion (17.8 per cent), organic chemicals worth $0.2 billion (7.1 per cent), tobacco and tobacco substitutes worth $0.1 billion (3.6 per cent). Miscellaneous items valued at $0.4 billion (14.3 per cent) accounted for the rest of exports.
Last October, the Gulf Cooperation Council signed a Memorandum of Understanding with Vietnam to further develop cooperation within the framework of consolidating and developing cooperation relations between the two sides, and finding wider areas for cooperation in issues of joint interest, in a way that serves the common good.
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