According to statistics from the General Department of Customs, Vietnam's export turnover to India in December 2023 reached 702.5 million USD, down 3.6% compared to the previous month. In 2023, it reached more than 8.49 billion USD, up 6.7% over the same period last year.
Leading the export turnover in 2023 is the group of computers, electronic products and components, reaching 1.94 billion USD, up 88.2% over the same period last year, accounting for 22.9% of the proportion.
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| Vietnam's goods exports to India in 2023 will grow by 6.7%, reaching a turnover of 8.5 billion USD |
Next is the group of phones of all kinds and components reaching 1.03 billion, accounting for 12.2% of the proportion.
In 2023, export turnover of some commodity groups increased compared to the same period last year: Iron and steel of all kinds increased by 319.3%; wood and wood products increased by 287.3%; rubber products increased by 65.7%.
India is currently Vietnam's largest trading partner in South Asia, accounting for nearly 80% of Vietnam's exports to the region.
Trade is an important pillar in the Vietnam-India bilateral relationship, which has grown steadily over the past 20 years. Bilateral relations have increased from about 200 million USD in 2000 to 15 billion USD in 2022, making India one of the top 8 trade partners of Vietnam, while Vietnam is among the top 4 ASEAN countries with trade relations with India.
Vietnam's export turnover to India in 2022 reached 8 billion USD, up 26.8% compared to 2021. Vietnam's exports to India accounted for 2.1% of Vietnam's total export turnover.
Vietnam's import turnover from India reached 7.1 billion USD, up 1.8% compared to 2021. Vietnam's imports from India accounted for 2% of Vietnam's total import turnover. Vietnam's trade surplus with India was worth 875.1 million USD, down 228.1% compared to 2021.
The structure of import and export goods is balanced and complementary. While India is an important source of raw materials and finished products for Vietnam in the fields of steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood, the leading export goods of Vietnam to India are personal computers; mobile phones and components, steel, chemicals, wood and wood products, footwear, spices, coffee, pepper, etc.
Exporting goods to the Indian market in 2024 still opens up opportunities for Vietnamese businesses, as consumer demand in the market of 1.4 billion people gradually recovers and regains growth momentum after the pandemic.
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