Vietnam-India trade turnover exceeds US$13 billion mark

Jul 18, 2024

Two-way trade turnover between the nation and India in 2021 crossed the US$13 billion mark, equal to US$13.2 billion, for the first time, marking an increase of 36.5% to reach over US$9.6 billion in 2020.

Vietnam’s main export items to India include common metals, computers, electronic products and components.
Vietnam’s main export items to India include common metals, computers, electronic products and components.

The Vietnam Trade Office in India quoted data from the General Department of Customs of Vietnam as saying that in terms of the total two-way trade turnover, India raked in US$6.95 billion from exports, representing an annual rise of 56%, with Vietnamese export turnover to the Indian market hitting US$6.95 billion, up 20% compared to 2020.

The country’s main export items to the South Asian nation accounted for a large proportion in December, 2021, including common metals at US$79.3 million, as well as computers, electronic products and components at US$78.8 million.

Products recording high growth included pepper, up 101%, coffee, up 90%, and rubber products, up 88%.

Some products exported from the nation to India saw very strong growth rates throughout the whole of 2021, including plastic raw materials, chemicals, rubber, and coal.

Most notably, mobile phones and components continued to record the largest export turnover, reaching more than US$1.28 billion, making up roughly 21% of the nation’s total export value to India. In addition, the export turnover of computers, electronic products and components hit US$828 million, accounting for 13%.

Furthermore, Indian export staples to the Vietnamese market accounted for a large proportion in December, 2021, including iron and steel, cotton and machinery and equipment.

For the entirety of 2021, iron and steel exports of all kinds recorded the largest turnover, reaching nearly US$1.4 billion, constituting about 20% of India’s total export value to Vietnam.

Export of machinery, equipment, tools and other spare parts reached US$428 million, accounting for 6.2% of total export value, while the export of other common metals hit US$405 million, making up 5.8%.

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