Vietnam Posts a USD 3.2 Billion Trade Surplus with India in 2024

According to figures released by the General Department of Customs, bilateral trade between Vietnam and India in 2024 reached approximately USD 15 billion—an increase of 4.5% over 2023. Notably, Vietnam’s exports to India hit USD 9.06 billion, up 7.6% year-on-year, while imports from India to Vietnam totaled USD 5.83 billion, a decrease of 0.6%. As a result, Vietnam registered a trade surplus of USD 3.2 billion with India in 2024, marking a 22.2% increase compared to the previous year.

Export Performance and Product Breakdown

Vietnam’s exports to India continue to diversify, with high-tech products and agricultural goods remaining among the key sectors. In terms of export composition:

• Mobile Phones and Components: Leading the export categories, this group reached USD 1.68 billion—an increase of 4.5%—and accounted for 17.5% of total exports to India.
• Computers, Electronic Products, and Components: These products generated USD 1.50 billion in exports, representing 15.6% of the total.
• Machinery, Equipment, and Other Spare Parts: This group reached USD 947 million, capturing 9.8% of the export value.

In addition, several other product groups exhibited strong growth:

• Agricultural and Related Products: Wood and wood products climbed to USD 212.57 million, up 18%; pepper increased by 9.3%; tea surged by 18.7%; and seafood grew by 12.1%.
• Other Sectors: Products such as rubber, confectionery, cereals (each up 11%), plastic goods (up 10.4%), various fibers and textiles (up 10%), and garments (up 9.5%) have also expanded their market share.

Despite a stable performance in the coffee sector—exporting USD 38.83 million—Vietnamese companies are urged to refine their market strategies in order to further capture the Indian market.

Import Profile and Trade Dynamics

On the import side, Vietnam’s acquisitions from India amounted to USD 5.83 billion, a slight decline of 0.6% compared to the same period in 2023. This figure represents only 1.55% of Vietnam’s overall import value. The robust export performance, however, continues to support a substantial trade surplus of USD 3.2 billion.

Long-Term Bilateral Trade Trends

Trade between Vietnam and India has experienced steady growth over the past 25 years—from a modest USD 200 million in 2000 to USD 15 billion by 2022. India now ranks as one of Vietnam’s top eight trading partners and, within the South Asian region, serves as the largest export destination for Vietnamese goods, accounting for nearly 80% of Vietnam’s exports to South Asia.

The trade mix between the two nations is highly complementary. India supplies Vietnam with a range of essential raw materials and intermediate products such as steel, chemicals, pharmaceuticals, textiles, animal feed, and seafood, thereby supporting the growth of domestic industries. Conversely, Vietnam is well-positioned to leverage the Indian market in sectors including electronics, textiles, processed foods, light industry, and various agricultural products such as spices, pepper, and coffee.

Reference source: The Internet