Vietnam-India trade sees strong growth in 7 months
Bilateral trade between Vietnam and India experienced a significant yearly increase of 50% to US$6.36 billion over the past seven months of 2018, statistics from the General Department of Customs showed.
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The positive two-way trade was mainly due to Vietnamese exports at US$3.92 billion, a year-on-year increase of 96%, according to the data.
Among major staples, machinery, equipment and parts recorded the strongest turnover with US$1.23 billion, up 590% year-on-year and contributing 32% of Vietnam’s total exports to India.
Handsets and components came next at US$470 million, up 72%, followed by computers, electronics and parts at US$380 million, up 26%, and metal and metal-made products at US$353 million, up 40%.
Others recording impressive export growth were bamboo-made goods at 1,470%; iron and steel products at 270%; means of transport and components at 170% and products from plastic and rubber at 150% and 100%, respectively.
From January to June, Vietnam imported US$2.44 billion worth of goods from India, surging 9.2% over the same period last year, with cotton taking the lead at US$320 million, up 44%.
Vietnam resumed its import of maize from India, worth US$23 million, a hike of 1,800% while spending US$145 million on importing animal feed and raw materials from the market, an increase of 29%.
In the period, the Southeast Asian nation also upped its imports of several other goods from India such as metal (up 180%); automobile components (130%); plastic materials (up 110%) and ore and other minerals (75%).
Most notably, Vietnam posted a trade surplus of US$1.48 billion with India in the seven-month period.
The two countries set a target of US$15 billion in bilateral trade by 2020.
