Vietnam-India bilateral trade reached record levels in 2022
There was a 13.6% yearly increase in two-way trade between Vietnam and India in 2022, according to statistics from the General Department of Customs, which were quoted by the Vietnam News Agency (VNA). The value of Vietnam’s exports to India last year topped $7.96 billion, a 26.8% increase over the same period last year.
In terms of total export value, mobile phones and accessories made up nearly 20% of the total export value. This is thanks to a turnover of $1.52 billion, up 18.4%. This makes up nearly half of total exports. With $1.03 billion, computers, electronics, and parts had the highest growth rate of 25% followed by machinery and equipment with $804 million, which is an increase of over 10%.
As for the other staples with the highest value increase, they were coffee with a 165% increase, iron and steel (97%), and footwear (96%). The export value of some items, however, decreased significantly, such as animal feed and raw materials, where the export value dropped by 76.5% to $23.04 million. In addition, the value of coal exports decreased by 46% to $7.68 million.
The data shows that Vietnam imported $7.09 billion worth of goods from India last year, an increase of 2% compared to the previous year. With nearly $775 million in imports, iron and steel was the most significant commodity on the market, followed by machinery and equipment ($549.3 million) and ordinary metals ($515 million). Aside from trade, the resumption of direct air routes between the two countries also led to the expansion of bilateral cooperation in tourism and investment.