A representative of the Ministry of Industry and Trade said that bilateral trade turnover between Vietnam and India has grown positively in recent months. Accordingly, in the past seven months, the bilateral trade turnover reached nearly 8.67 billion USD, an increase of 4.5% over the same period in 2023. In particular, Vietnam’s export turnover to India reached 5.37 billion USD, a rise of 15.2% over the same period last year.
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| Bilateral trade turnover between Vietnam and India has grown positively in recent months. (Photo: VNA) |
The group of phones of all kinds and components led with a turnover of 1.15 billion USD, a sharp increase of 102%, accounting for 21.5% of the total export turnover. The group of computers, electronic products and components ranked second with 945 million USD, accounting for 17.5%. It was followed by the group of machinery, equipment, tools and other spare parts with 507 million USD, accounting for 9.4%.
Notably, other export sectors in the seven months also saw very strong growth, typically: pepper up 87.5% (worth 38.5 million USD), plastic products up 75%, wood and wood products up 65.7%, animal feed and raw materials up 57.2%, means of transport and spare parts up 56.6%, confectionery and cereal products up 55.3%, rubber up 42.9%, ceramic products up 27%, cashew nuts up 25.5% and textile and footwear materials up16.6%.
In contrast, Vietnam’s import turnover from India during this period only reached 3.3 billion USD, down 9.2% compared to the same period in 2023 and only accounted for 1.55% of the total. Notably, Vietnam recorded a trade surplus of 2.06 billion USD with India in the seven months, a sharp increase of 101.8% over the same period last year.
The representative of the Ministry of Industry and Trade emphasized that trade relations between Vietnam and India continue to play a key role in the bilateral relationship, with sustainable growth over the past 26 years. Trade turnover between the two countries has reached 15 billion USD in 2022 from only about 200 million USD in 2000, making India one of the eight major trade partners of Vietnam.
In 2023, Vietnam’s export turnover to India reached 14.36 billion USD, up 6.8% against 2022, accounting for more than 2% of Vietnam’s total export turnover./.