Vietnam's 20 billion USD trade milestone

Two-way trade between Vietnam and India in the first 7 months of the year reached approximately 9 billion USD, of which exports grew strongly by 15.2% to 5.4 billion USD, Vietnam's trade surplus with this market was more than 2 billion USD.

Vietnam - India trade is about to reach the 20 billion USD mark.

Bilateral trade turnover between Vietnam and India in the first 7 months of 2024 reached nearly 8.67 billion USD, up 4.5% over the same period in 2023, the Ministry of Industry and Trade cited data from the General Department of Vietnam Customs.

Of which, Vietnam's exports to India increased impressively by 15.2%, reaching 5.37 billion USD.

The group of phones and components took the lead with a turnover of 1.15 billion USD, up 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 proportion.

Ranked third is the group of machinery, equipment, tools and other spare parts with a turnover of 507 million USD, accounting for 9.4% of the proportion.

Notably, some other export groups also increased very strongly, typically: pepper increased by 87.5% (reaching 38.5 million USD), plastic products increased by 75%, wood and wood products increased by 65.7%, animal feed and raw materials increased by 57.2%, means of transport and spare parts increased by 56.6%, confectionery and cereal products increased by 55.3%, rubber increased by 42.9%, cashew nuts increased by 25.5%, textile and footwear raw materials increased by 16.6%.

In contrast, Vietnam's import turnover from India in the past 7 months reached 3.3 billion USD, down 9.2% over the same period in 2023.

Import turnover from India accounts for only 1.55% of Vietnam's total import turnover. Notably, Vietnam recorded a trade surplus of 2.06 billion USD with India in the first 7 months of 2024, a sharp increase of 101.8% over the same period last year.

Trade relations between Vietnam and India continue to play a key role in the bilateral relationship, with steady growth over the past 26 years.

Trade turnover between the two countries has reached over 15 billion USD by 2022 from just about 200 million USD in 2000, making India one of the eight major trading partners of Vietnam.

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 commodity structure between Vietnam and India is considered balanced and complementary. India plays an important role in providing 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, pepper... to the Indian market.

Previously, in 2023, Vietnam's import and export to India reached 14.36 billion USD, a slight decrease compared to 2022, of which, export turnover reached 8.5 billion USD, a growth of 6.8% compared to 2022, India is one of the few markets with positive growth.

Vietnam-India two-way trade is expected to soon reach the 20 billion USD mark.

Source: https://baodautu.vn/moc-20-ty-usd-thuong-mai-viet-nam---an-do-da-rat-gan-d223321.html