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Vietnam Today

Vietnam records trade surplus with India

Released at: 08:34, 05/10/2016

Vietnam records trade surplus with India

Photo: Duc Anh

2016 trade with Asian giant in surplus for the first time.

by Hai Van

Vietnam is currently recording a trade surplus with India for the first time, figures from the General Department of Customs reveal.

Total bilateral trade in the first eight months of this year reached $3.47 billion, a 1.23 per cent increase compared to the $3.32 billion in the same period last year.

Exports reached $1.76 billion, up 7.4 per cent compared to the $1.64 billion in the same period last year, while imports were $1.7 billion, down 4.4 per cent against the $1.78 billion recorded in the same period last year.

August was the second consecutive month Vietnam saw a trade surplus with India, of $25.72 million, bringing figure for the first eight months to $59 million. Exports to the country in August were up 5 per cent and imports up 24.8 per cent against July.

Some export items saw significant growth in August compared to July, including tea, up 344 per cent, cashew nuts 105.5 per cent, minerals 98.7 per cent, textiles, leather and shoe material 54.6 per cent, coffee 54.8 per cent, and textiles 34.8 per cent. Textile exports to India reached $7.22 million, up three-fold against the July figure of $2.28 million. Total exports of textile and garment in the first eight months reached $22.81 million.

Other items, however, saw lower export turnover in August compared to July, including coal, down 69.8 per cent, confectionery and cereal products 64.8 per cent, plastic materials 50 per cent, and phones and accessories 48.8 per cent.

A number imports are increasing, including vegetables, by 118.6 per cent, precious stones, precious metals and products 93.9 per cent, computers and accessories 66.1 per cent, and paper 34.7 per cent.

Some imports recorded lower turnover, such as corn, down 94.2 per cent, which Vietnam has not imported from India in recent months due to its uncompetitive prices. Vegetable oil imports fell 71.3 per cent, livestock products and materials 32 per cent, and fertilizers 27.2 per cent.

In previous years the balance of trade between the two countries has tended to favor India but was just $184 million last year.

India was Vietnam’s 17th largest export market in 2015 while India was its Vietnam’s 11th largest import source. It is also Vietnam’s 15th largest trade partner.

Its position improved in the first seven months, becoming the 15th largest export market and 10th largest import source.

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