Exports to India in the first 7 months of the year grew by 38.6%

In the first 7 months of 2022, export turnover of goods to India continued to achieve a good increase, nearly 39% over the same period, worth over $4.7 billion.

According to the General Department of Customs' statistics, the export turnover of Vietnamese goods to India in July 2022 reached 624 million USD, bringing the total export turnover in the first 7 months of the year to this market to over 4 million USD (7 billion USD), up 38.6% over the same period last year.

The group of phones and components leads the export turnover to India. In July 2022, the export turnover of this item reached 111.8 million USD, in 7 months of 2022 it was 975.6 million USD, up 35.1% over the same period in 2021 and accounting for 23.1% of the total value exported Vietnamese goods to this market.

Next is the group of computers, electronic products, and components, in July 2022 reached over 78.8 million USD, bringing the export turnover of the first 7 months of 2022 to 559.3 million USD, an increase of 21 .3% and accounting for 11.8% of the total value of Vietnamese goods exported to India.

In the first 7 months of 2022, the export turnover of a number of commodity groups has a growth compared to the same period in the 7 months of 2021: Plastic raw materials increased by 36.1%; rubber by 52.3%; means of transport and spare parts increased by 38.2%; pepper by 39%; coffee increased by 177.2%.

In 2021, during the pandemic, Vietnam's total import and export turnover with India reached 13.2 billion USD, an increase of 36.6% compared to 2020. Meanwhile, Vietnam's exports to India gained 6.3%, 3 billion USD, up 19.6% compared to 2020. Vietnam's exports to India account for 1.9% of Vietnam's total exports to the world.

Vietnam's import turnover from India reached 7 billion USD, up 56.7% compared to 2020, Vietnam's trade deficit from India in 2021 is 692 million USD, reversing compared to the result of the trade surplus to India, nearly 800 million USD in 2020.

India is one of the countries with the highest GDP growth rate in the world. India's population is about 1.4 billion people with a large market capacity, creating many opportunities for businesses from other countries, including Vietnam.

Like other countries, the Indian economy was also heavily affected by Covid 19, but the economy has gradually recovered and regained its growth momentum in 2021-2022. This recovery creates momentum for the import and export of the two countries to soon exceed 15 billion USD, of which Vietnam's exports to this market are expected to reach 7.5 - 8 billion USD in 2022.

Katherine (Source: Vietnam Economic News)