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Trade between India & Vietnam hits record in 2022

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HANSOI : The Two-way trade between Vietnam and India saw a yearly increase of 13.6% to US$15.05 billion in 2022, the Vietnam News Agency (VNA) quoted statistics from the General Department of Customs as saying.

During the year, Vietnam’s exports to India topped $7.96 billion, up 26.8% year-on-year. Among its export items, mobile phones and accessories posted the highest turnover with $1.52 billion, up 18.4%, making up nearly 20% of the total export value. Computers, electronics and parts came next with $1.03 billion, up 25%, while machinery and equipment ranked third with $804 million or over 10%.

Other staples with the highest value increase were coffee with 165%, iron and steel (97%) and footwear (96%).

Some items, however, posted large decreases in export value, such as animal feed and raw materials with $23.04 million, down 76.5%, and coal with $7.68 million, down 46%.

As per the data, Vietnam imported $7.09 billion worth of goods from India last year, a yearly hike of 2%. Its major import commodities from the market were iron and steel, with nearly $775 million, machinery and equipment ($549.3 million) and ordinary metals ($515 million).

Besides trade, bilateral cooperation in tourism and investment also grew with the resumption and launch of direct air routes.

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