VIETNAM AND INDIA SETS NEW RECORD IN BILATERAL TRADING IN THE YEAR 2022

Both the countries, India and Vietnam share a very strong and happy relationship in terms of trading goods and commodities. The bilateral trade relationship between the countries grew further and started getting known as a “Strategic Partnership” after the visit of Mr. Nguyen Tan Dung who was the Prime Minister of Vietnam in the year 2007. Moving ahead, after the visit of Mr. Narendra Modi in the year 2016, this bilateral trade popularized as a “Comprehensive Strategic Partnership”.



Due to this strong political and financial bond between the two nations, bilateral trade is growing every year. As per Vietnam Trade Data for the duration from April 2021 to March 2022, the trade between countries grew by almost 27% and touched a mark of USD 14.14 billion. Total imports made by Vietnam in this period as recorded in Vietnam Import data are USD 6.70 billion (34% increase) and on the other hand, total exports from Vietnam to India for the same period as recorded in Vietnam Export Data were USD 7.44 billion (21% increase). These statistics make Vietnam a country with a positive balance of trade.

India mainly exports the following commodities to Vietnam – Iron, cereals, cotton, electrical machines, spare parts, paper items, cement, plasters, etc. Similarly, the main items that India imports from Vietnam are electric gadgets, chemicals, plastic items, rubber, tea, coffee, surgical items, etc.

BILATERAL TRADE RECORD SET BY INDIA AND VIETNAM IN 2020

In the complete year 2020, according to Vietnam Import Data and other reports, Vietnam imported goods worth USD 4.65 billion from India. the major items included in this trade practice were:

·        Hot iron (USD 1.01 billion)

·        Beef and bovine meat (USD 380 million)

·        Motor accessories and spare parts (USD 205.65 million)

There is an upward trend, which means the trade is showing a year-on-year growth for 25 years now. Bilateral trade between both nations has grown by almost 15.5% since 1995.

Similarly, in the year 2020, as per Vietnam Export Data and other sources, Vietnam exported goods worth USD 5.43 billion to India. The majority of trade was by the trading of

·        Telephones (USD 950 million)

·        Broadcasting devices (USD 500 million)

·        Video-creating gadgets (480 million)

Exports from Vietnam to India have grown by almost 26.5% in the last 25 years. It started with just USD 15 million in 1995.

LATEST TRADE PATTERNS BETWEEN VIETNAM AND INDIA – 2022

In the complete year 2022, the trade between both countries grew by almost 13.6% and touched USD 15.05 billion. These statistics were released by the General Department of Customs.

In a span of 1 year, Vietnam exported goods to India worth USD 8 billion showing a 26.8% growth than the previous year. When we dive deep into Vietnam Export Data for the same period, we find that the major exports to India were made through exports of mobiles and their accessories worth USD 1.52 billion (20% of total exports), followed by PCs and its spare parts worth USD 1.03 billion, and then comes the machinery (USD 804 million).

Now, if we talk about the Vietnam Import Data of 2022, then it tells that Vietnam imported goods worth USD 7.09 billion from India with a major chunk of iron and steel costing USD 775 million, followed by machinery worth USD 550 million, and finally the general and ordinary metals costing USD 515 million.

India is considered one of the biggest suppliers of garments, aquatic, leather, and pharma products. Apart from bilateral trade, bilateral tourism is also growing between both countries due to the creation of direct airlines and transportation systems.

 CONCLUSION

As the association between Vietnam and India is so strong and the political connections are also very strong, we feel that the bilateral trade will grow several folds in the future. Moreover, during the pandemic situation, in order to support and assist the firms of Vietnam to enter Indian markets, the trade office of Vietnam situated in India organized online promotion of trade and its effects on the economies of both countries.

POINT TO BE NOTED

If you are an enthusiastic trader or broker who is keen on exchanging with various nations, then you can contact TradeImeX anytime for individual help and tweaked information which is formulated based on each customer’s requirements and needs. We give Import Export Data and Global Trade Data for 70+ nations and are focused on our obligations without limit. Reach us today and upscale your business by accomplishing extraordinary levels and market extension.

For More Info –

Import export data

 

 

Comments

Post a Comment

Popular posts from this blog

ONE OF THE LARGEST INDUSTRIES IN VIETNAM – THE CHEMICAL INDUSTRY

Image
CHEMICAL INDUSTRY – A BRIEF OVERVIEW The chemical industry is one of the oldest types of manufacturing industries that has been prevailing in this world since ancient times. The role of this industry is very important in meeting the day-to-day demands and needs of the people, both individually as well as at the industrial level. In layman’s terms, a chemical is a substance that is made up of matter. Matter can be of any form now like solid, liquid, or gas. It can even be pure (element) or a mixture (compound or a solution) of two or more substances. Chemicals can also be classified as naturally occurring or artificially occurring. Examples of natural chemicals are mercury, pyrite, asbestos, and silica. Whereas examples of artificial chemicals are PVC and Bakelite. Based on one of the most trusted reports of Vietnam, the Vietnam Chemical Industry Comprehensive Report 2022, the top companies that operate as chemical manufacturing and trading companies in Vietnam as of 2022 are: ...
Read more

TOP 10 PRODUCTS IMPORTED BY VIETNAM IN THE YEAR 2021

Image
  INTRODUCTORY FACTS According to the global trading pattern, Vietnam is considered one of the low-middle-income countries in the world. The country is open to trade and welcomes collaborations from almost all the nations in the world. This blog is going to focus on the import trends of the nation with respect to the last 5 years (2017-2021). These insights derived from the web are researched, formulated, and created by official authorities, government bodies, and other related agencies and companies. Due to the friendly nature of the nation, the trade statistics are going up every year with a significant amount of difference which clearly explains the point that why Vietnam is one of the most rapidly growing and developing nations in the world. Although overseas trade saw a decline during the pandemic time, after everything got normal, the trade of Vietnam with international countries is boosting and crossing new benchmarks. Some of the biggest import partners of Vietnam as me...
Read more

TOP 10 EXPORT PRODUCTS FROM VIETNAM TO THE WORLD – BEST VIETNAM TRADE DATA PROVIDER

Image
OVERVIEW OF VIETNAM’S ECONOMY AT PRESENT Vietnam is an energetic nation which is situated in the Southeastern piece of Asia with an estimated land area of about 311,680 km2. Vietnam is the sixteenth most populated country on the planet with a complete headcount of very nearly 100 million individuals according to the measurements delivered in the year 2020. Vietnam imparts its regional and geographical limits to China, Laos, and Cambodia. As expressed above, aside from being a lively economy, Vietnam is one of the quickest developing countries on the planet as in the ongoing situation, many enormous organizations and firms are putting resources into Vietnam because of its modest and proficient workforce. The nation is one of the fair individuals from different worldwide gatherings like CPTPP, ASEAN, OIF, APEC, and the World Trade Organization (WTO). Moving towards monetary development and reliance of Vietnam, the nation was generally subject to the farming area with its essentia...
Read more