Vietnam-India trade up 4.5% in Jan-Jul ’24

Vietnam and India’s trade rose in the first seven months of 2024, reaching nearly $8.67 billion, a 4.5 per cent increase from the same period in 2023, as reported by the Ministry of Industry citing the General Department of Vietnam Customs.

Notably, Vietnam’s exports to India have surged by 15.2 per cent, reaching $5.37 billion. While Vietnam’s exports to India have flourished, imports from India have declined by 9.2 per cent to $3.3 billion during the same period.

Consequently, Vietnam has recorded a favourable trade surplus of $2.06 billion with India, a substantial increase of 101.8 per cent compared to the previous year.

Phones and their components led the export structure, accounting for 21.5 per cent of the total export turnover with a value of $1.15 billion.

Other key export categories included computers, electronics, and machinery, which collectively contributed to a significant portion of Vietnam’s exports.

Several other export industries also witnessed impressive growth, including pepper (87.5 per cent), plastic products (75 per cent), wood products (65.7 per cent), animal feed (57.2 per cent), and transportation equipment (56.6 per cent).

Over the past 26 years, the Vietnam-India trade relationship has significantly strengthened, playing a crucial role in their bilateral ties. Trade turnover has grown exponentially, reaching $15 billion in 2022 from just $200 million in 2000.

In 2023, Vietnam’s exports to India reached $14.36 billion, marking a 6.8 per cent increase from the previous year and contributing over two per cent to Vietnam’s total export turnover.

Attribution: Ministry of Industry and Trade statement

Subediting: M. S. Salama