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Wednesday, November 25, 2020

Vietnam-India trade regains growth momentum amid Covid-19 pandemic

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HCMC – The two-way trade between Vietnam and India in August totaled US$1.02 billion, up 12% month-on-month and equivalent to the figure seen during the same period last year, setting the trade growth between the two countries back on track, according to the Vietnam Trade Office in India.

Between January and August, however, their two-way trade reached over US$6 billion, down 24.4% year-on-year, VietnamPlus news site reported.

Vietnam’s revenue from exports to India amounted to US$3.1 billion during the eight-month period, dropping by 34% year-on-year, while the country spent over US$2.9 billion on imports from the South Asian country, up 4.9% against the same period last year.

Vietnam enjoyed a trade surplus of US$159.2 million with India during the January-August period.

Mobile phones and phone components remained Vietnam’s biggest export earner from January to August, with the total revenue from exports to India reaching US$872.8 million, down 11.7% year-on-year.

Electronics, computers and accessories came second, with outbound sales of US$542.4 million, down 32.3% year-on-year.

On the import side, in the January-August period, Vietnam spent some US$832.8 million on iron and steel products from India, a year-on-year increase of 61.5% and US$210.8 million on machines, equipment and parts, down 32.5%.

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