Vietnam’s exports to India rise sharply

09:04 | 29/10/2018 Trade

Vietnam’s export turnover to India hit US$5.1 billion in the first nine months of 2018, according to preliminary statistics released by the General Department of Vietnam Customs.

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The figure made up 2.8% of the country’s total export value and represented a year-on-year increase of 88.34%.

India was one of Vietnam’s three export markets posting the highest growth, totalling more than 20% during January-September, along with China and the Republic of Korea (RoK), the department said.

Vietnam mainly exported industrial and agricultural products to India, of which machines, equipment and tools and spare parts brought home most with US$1.4 billion, accounting for 28.6% of the total and up nearly 5.9 times compared with the same period last year.

Recently, India has imported rattan products and carpets from Vietnam at a rapid pace, up 15.9 times.

Staples with export growth exceeding 100% included steel and plastic products, transport means and spare parts.

The two countries have set a target of reaching US$15 billion in bilateral trade by 2020.