Conversely, Vietnam imported US$1.04 billion worth of products from India over the period, a year-on-year rise of 2.4%. In March the country ran a trade surplus of US$267.75 million with India, bringing Vietnam’s first quarter trade surplus with the market to a record high of US$532.60 million.
Some export products reporting the strongest growth included machinery, equipment, tools, vehicles and spare parts, steel products, coal, bamboo and sedge products, and carpets. Exports of mobile phones and components performed particularly well, ballooning 99.70% over the first quarter.
Meanwhile, imports from India inched up slightly compared to the same period last year. Some products saw robust import growth, such as ores and minerals (up 187.9%), material plastics (up 153.8%), automobile spare parts (up 146.7%), and paper (up 106.6%).
According to statistics from the Indian Ministry of Commerce and Industry, the value of bilateral trade between the two countries hit US$1.89 billion in the first two months of this year, with India’s exports to Vietnam accounting for US$962.39 million (down 16.58%) and imports for US$931.99 million (up 84.52%).