Hanoi (VNS/VNA) - Trade turnover between Vietnam and India reached around 15 billion USD in 2024, marking a 4.5% increase compared to 2023, according to the General Department of Vietnam Customs.
Of this total, Vietnam’s exports to India amounted to 9.06 billion USD, up 7.6% year-on-year, while imports from India stood at 5.8 billion USD, down 0.6%.
This reflects Vietnam’s continued trade surplus advantage in its trade relations with India, driven by the growth of key export sectors.
In the export sector mobile phones and components led the way with a turnover of nearly 1.7 billion USD, up 4.5%, accounting for 17.5% of total export value.
Computers, electronic products and components ranked second with 1.5 billion USD, making up 15.6% of total exports.
Following these were machinery, equipment, tools and spare parts, with an export value of 947 million USD, representing a 9.8% share. This highlights the stable demand from the Indian market for Vietnam’s industrial products.
Notably, several other export sectors also experienced two-digit growth in 2024, including tea, timber and wood products, seafood, bamboo, rattan, sedge and carpets, rubber products, confectionery and cereals, textile fibres and textiles and garments.
Overall, Vietnam’s exports to India are diversifying, with high-tech products and agricultural goods continuing to be key focus areas.
On the other hand, Vietnam’s imports from India during this period reached about 5.8 billion USD, a 0.6% decrease compared to the same period in 2023.
Indian imports accounted for just 1.55% of Vietnam’s total import turnover. Notably, Vietnam recorded a trade surplus of 3.2 billion USD with India in 2024, a 22.2% increase from 2023.
Trade relations between Vietnam and India continue to flourish, playing a crucial role in bilateral cooperation with stable growth over the past 25 years. The trade structure between the two countries is highly complementary, serving as a driving force for sustainable economic cooperation./.
