June 23, 2018 19:21

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India - Top 20 largest trading partners of Vietnam

09:43 | 06/03/2018

VCN- Over the years, India has been in the top 20 countries and territories with the largest export turnover of Vietnam, and trade relations between the two sides nowadays are more balanced than previous years.  

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Telephone is the main export item of Vietnam to India. Photo: Thai Binh.

According to the latest market statistics ofthe General Department of Vietnam Customs, by January 2018, import and export turnover between Vietnam and India increased sharply over the same period in 2017.

In particular, exports reached more than US$ 450.7 million, an increase of 102% compared to January 2017, equivalent to an increase of US$ 227.7 million. In the area of imports, in January 2018, Vietnam spent more than US$ 413 million on imports of goods from India, an increase of approximately 50%, equivalent to an increase of US$ 137.3 million.

Accordingly, in January 2018, Vietnam's surplus exports to India reached nearly US$ 38 million, which is relatively different from the history of trade deficit with India for many years.

In 2017, total import and export value between Vietnam and India reached US$ 7.63 billion, an increase of 40.5% compared to the value in 2016.

In particular, Vietnam's exports to the Indian market reached nearly US$ 3.76 billion, increasing by 39.7% compared to 2016, accounting for 1.7% of total exports of Vietnam last year. Imports from India reached US$ 3.87 billion, an increase of 41.2% compared to 2016, accounting for 1.8% of the total import value of Vietnam.

According to the General Department of Vietnam Customs, for the period 2011-2014, the average trade deficit of Vietnam with India was more than US$ 500 million. In 2015 and 2016, the trade deficit fell sharply to US$ 184 million and US$ 58 million respectively. In 2017, Vietnam had a trade deficit of US$ 122 million with India, an increase of US$ 63 million over the previous year, but still low.

Recent development has shown that the trade balance between Vietnam and India has been narrowed and tended to be more balanced.

Exports from Vietnam to the Indian market in the past years mainly focused on machinery parts and electronic equipment. Particularly, the export value of various kinds of telephones and components; computers, and electronic products in 2017 reached US$ 1.04 billion, accounting for nearly 28% of the total export value of Vietnam to India.

There are also other exported goods such as metals, machinery, equipment and accessories; computers and chemicals.

Meanwhile, imports from India to Vietnam in 2017 mainly focused on iron and steel of all kinds (reached US$ 811 million, accounting for 20.9% of total imports of Vietnam from India), the import value of the machinery and equipment reached US$ 512 million, accounting for 13.2%; and aquatic products reached US$ 357 million, accounting for 9.2%.

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According to the World Trade Organization (WTO) in recent years, India is one of the 20 countries with the largest import and export value in the world. In particular, manufactured products are key industries in both the export and import of goods of the country.

By Thai Binh/ Hoang Anh