India imports from Vietnam hit record $7.54 B in 2022

 

India imports from Vietnam hit record $7.54 B

India is an important trade partner with Vietnam, an ASEAN nation. India and Vietnam share a crucial relationship in terms of trade. According to the Vietnam import export data reports, last year trade reached 14 billion US Dollars with a 27% year on year growth rate. Whereas, in 2022, the trade surplus between Vietnam and India hit a record 15 billion US Dollars. As per Vietnam customs data, the top traded goods were footwear, textiles, rice, bovine meat, steel, precious gems, machinery, fuels and vehicle parts.

Through this blog, you will get a more detailed overview of Vietnam trade with India for 2022.


Vietnam imports exports to India


According to the latest Vietnam export data reports, India imports from Vietnam hit record high of 7.54 billion US Dollars in 2022. Around 27% year on year increase in Vietnam exports to India. Vietnam's most prominent exports to India includes textiles, leather, electrical euipments and machinery. Footwears from Vietnam recorded a seizable amount of increase, 96% approximately. Whereas, the demand for Vietnamese raw material has declined. Mobile phones & its accessories were the top gainers with exports worth 1.5 billion US Dollars.


On the other hand, our India export data indicates that India exports to Vietnam were 7 billion US Dollars in 2022 with year on year increase of 2%. The major Vietnam imports from India includes iron, steel, machinery, equipment, bovine meat, corn, marine and pharmaceuticals products as suggested by Vietnam import data. India exports to Vietnam are growing at a pace of 16% yearly.


According to the India import export data, the total agricultural exports from India to Vietnam were estimated around 1.56 billion US Dollars in 2023. These includes fishery products, animal fodders, cotton, corn, yarn, wheat, fruits and vegetables are major agricultural exports from India to Vietnam. Yarn was the most imported agri product from Vietnam as it worth around 120 million US Dollars. Indian fish are immense popular in Vietnamese market as it offers variety. According to the India customs data 2022, Fish exports from India to Vietnam were recorded to be 377 million US Dollars.


Whereas, Vietnam's key agri exports to India includes coffee, wood, bamboo products, pepper, tea, cashew nuts, sweets and yarn. According to the India import data, the total agri products exports from Vietnam to India was around 2.5 billion US Dollars in 2022.


Both India and Vietnamese companies are broadening their reach in the respective market. Both the governments are planning to boost agricultural, manufacturing, electrical, IT and aerospace sectors. Top Indian companies like Adani Group is planning to invest 10 billion dollars in Vietnamese market.


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Exim Trade Intelligence System is the best market research tool available in the market offering key insights into India-Vietnamese markets. Here, you can explore reports of 100+ countries import export data and analyze global market demand.


Whether you are launching a new product or looking to import quality raw materials, Exim GTIS platform can help you grow business. You can access millions of importers and exporters for your product and monitor their shipments. If you are up for quick sales at lesser cost, Exim intelligence portal is the best way to excel your business in the Global import export data market.

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