Statistics indicate that bilateral trade turnover between the nation and India during the reviewed period edged up 4.5% to nearly US$8.67 billion against the same period from last year. Of the figure, Vietnamese export turnover to India surged by 15.2% to US$5.37 billion on-year.
With regard to the overall export structure, the group of phones of all kinds and components took the lead with a turnover of US$1.15 billion, thereby accounting for 21.5% of the total export turnover.
The category of computers, electronic products, and components ranked second with a turnover of US$945 million, duly accounting for 17.5% of the export proportion. This was followed by the group of machinery, equipment, tools, and spare parts with a turnover of US$507 million, making up 9.4% of the export proportion.
Meanwhile, Vietnamese imports from India during the reviewed period reached US$3.3 billion, down 9.2% compared to the same period from last year and making up 1.55% of the nation’s total import turnover.
Most notably, Vietnam racked up a trade surplus of US$2.06 billion with India during the seven-month period, representing a sharp increase of 101.8% on-year.
Insiders pointed out that trade ties continue to play a key role in terms of the Vietnam-India relations, with sustainable growth being recorded over the past 26 years.
Specifically, two-way trade turnover rose to US$15 billion in 2022 from only US$200 million in 2000, thereby making India one of the nation’s eight major trading partners. The country is also among the four ASEAN member states that have already established close trade ties with India.
In the South Asian region, India emerges as the largest Vietnamese trading partner, thereby accounting for nearly 80% of Vietnam's total export turnover to the area.
The commodity structure between both sides is considered to be complementary. Accordingly, key Indian export items to the Vietnamese market include essential raw materials and finished products such as iron and steel, chemicals, pharmaceuticals, garments and textiles, animal feed, and seafood.
In contrast, major Vietnamese export products to the Indian market include computers, mobile phones and components, iron and steel, chemicals, timber and wood products, footwear, spices, coffee, and pepper.
Last year, Vietnamese exports to India reached US$14.36 billion, representing a rise of 6.8% compared to 2022, making up for more than 2% of total Vietnamese export turnover.
