Two-way trade between Vietnam and India in the first seven months of the year reached approximately $9 billion, with exports growing strongly by 15.2% to $5.4 billion, resulting in a trade surplus of over $2 billion for Vietnam with this market.
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| Vietnam-India trade is about to reach $20 billion. |
Bilateral trade between Vietnam and India in the first seven months of 2024 reached nearly US$8.67 billion, an increase of 4.5% compared to the same period in 2023, according to data from the General Department of Vietnam Customs, cited by the Ministry of Industry and Trade .
In particular, Vietnam's exports to India increased impressively by 15.2%, reaching $5.37 billion.
The group of telephones and components led with a turnover of 1.15 billion USD, an increase of 102%, accounting for 21.5% of total export turnover. Computers, electronic products and components ranked second with a turnover of 945 million USD, accounting for 17.5% of the total.
Coming in third is the group of other machinery, equipment, tools and spare parts with a turnover of 507 million USD, accounting for 9.4% of the total.
Notably, several other export sectors also saw strong growth, including: pepper (up 87.5%, reaching $38.5 million), plastic products (up 75%), wood and wood products (up 65.7%), animal feed and raw materials (up 57.2%), transport vehicles and parts (up 56.6%), confectionery and cereal products (up 55.3%), rubber (up 42.9%), cashew nuts (up 25.5%), and textile and footwear raw materials (up 16.6%).
Conversely, Vietnam's imports from India in the past seven months reached $3.3 billion, a decrease of 9.2% compared to the same period in 2023.
Imports from India account for only 1.55% of Vietnam's total import value. Notably, Vietnam recorded a trade surplus of US$2.06 billion with India in the first seven months of 2024, a sharp increase of 101.8% compared to the same period last year.
Trade relations between Vietnam and India continue to play a key role in the bilateral relationship, with sustained growth over the past 26 years.
Trade turnover between the two countries reached over $15 billion in 2022, up from just around $200 million in 2000, making India one of Vietnam's eight main trading partners.
Vietnam is also among the four ASEAN countries with the closest trade relations with India. In South Asia, India is Vietnam's largest trading partner, accounting for nearly 80% of Vietnam's total exports to the region.
The structure of trade between Vietnam and India is considered balanced and complementary. India plays a crucial role in supplying essential raw materials and finished products to Vietnam, including iron and steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood.
Meanwhile, Vietnam focuses on exporting products such as personal computers, mobile phones and components, iron and steel, chemicals, wood and wood products, footwear, spices, coffee, and pepper to the Indian market.
Previously, in 2023, Vietnam's import and export trade with India reached US$14.36 billion, a slight decrease compared to 2022. Of this, exports reached US$8.5 billion, a growth of 6.8% compared to 2022, making India one of the few markets to achieve positive growth.
Bilateral trade between Vietnam and India is expected to soon reach $20 billion.
Source: https://baodautu.vn/moc-20-ty-usd-thuong-mai-viet-nam---an-do-da-rat-gan-d223321.html
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