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Vietnam - India: Bilateral trade reaches a record of $15 bln

Bao Dai Monday | 01/30/2023 16:32

Photo: Internet

Trading between Vietnam and India in 2022 reach $15.05 billion, up 13.6% from 2021, according to the General Department of Vietnam Customs.

Exports to India increased by 26.8% to $7.96 billion from $6.28 billion in 2021. With $1.52 billion, up 18.4% from $1.29 billion in 2021, phones and components had the largest value, followed by computers, electronic products, and components with $1.03 billion, up 25% from the same time last year.

In terms of value growth compared to 2021, coffee exports to India rose by 164.7 percent from $21.69 million to $57.40 million in 2022, according to the Vietnam Trade Office in India.

Iron and steel of all types increased by 96.8% from $113.46 million in 2021 to $171.10 million in 2022, and footwear of all types increased by 96.8% from $113.46 million to $223.35 million in 2022.

Animal feed and raw materials saw the highest drop in export value, dropping by 76.5% from $98.18 million to $23.04 million, followed by coal, which fell by 46.4% from $14.31 million to $7.68 million in 2021.

In terms of export product structure, phones of all types and component revenues will make up the largest share in 2022, reaching $1,522 million, or nearly 20% of Vietnam's total export revenue to India. 

Computers, electronic products, and component sales will come in second place with $1,034 million, or 13% of the share, and other machinery, equipment, tools, and spare parts will account for $804 million, or 10.10% of Vietnam's total export value to India.

The total value of imports from India in 2022 was $7.09 billion, an increase of 1.8% over $6.96 billion during the same period in the previous year. The highest value of imported goods was iron and steel of all types, which totaled $774.68 million.

However, import turnover fell dramatically from 2021 to this year, falling by 44.6% from $1.4 billion in the same period last year. The second-highest value of imported goods was machinery, equipment, and tools, at $549.31 million, up 28.3% from $428 million in 2021. The third-highest value of imported goods was other common metals, at $515 million, up 26.3%.

Wheat imports grew more than 1700% to $27.21 million compared to $1.46 million in 2021, up in 2022; import of complete CBU cars of all kinds increased by 181.1%, reaching $35 million in 2022 compared to $12.46 million in 2021; import of vegetables and fruits increased by 80% to $53.45 million compared with $29.72 million in the same period last year.

In terms of the composition of imported goods, iron and steel of all types will account for 11% of the total import turnover in 2022. This will be followed by machinery, equipment, tools, and other spare parts, which will account for 7.75% of the proportion, and metal products, which will account for 7.3%.

Imports of computers, electronic products, and components dropped sharply, the total import value in 2022 was only $37.3 million, down 53.3% compared to $79.9 million in 2021; import of paper of all kinds decreased by 50.4%; import of iron and steel of all kinds decreased by 44.6%.

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