Exports to the Indian market increased by 38.6%

DNHN - The total export turnover of goods in the first 7 months of the year reached $4.7 billion, up nearly 39% and kept at a good growth rate.

According to statistics of the General Department of Customs, the export turnover of Vietnamese goods to India in July 2022 reached USD 624 million, bringing the total export turnover of the first 7 months of the year to this market to over 4.7 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 product 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 export value of 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, up 21 .3% and accounting for 11.8% of the total value of goods exported to India by Vietnam.

In the first 7 months of 2022, the export turnover of several commodity groups has a growth rate 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 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. Which, Vietnam's exports to India reached 6.3 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 trade surplus to India at 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 two countries imports and exports to soon surpass 15 billion USD, of which Vietnam's exports to this market are expected to reach 7.5 - 8 billion USD in 2022.

PV