Exports to India increase by 104%
The chart of turnover of 5 key exported items of Vietnam to India, the unit is "million USD" (calculated by the end of 4/2018 and 2017). Sketch by T.Bình |
Notably, the result of exporting to India increased by over 104% over the same period in 2017, it is seen as one of the markets with impressive growth rate. It’s not only high growth rate, but also the absolute number which increased from exporting to one of the biggest economies in the world, is impressive too. When only in 4 months, the turnover increased by nearly $US 1.1 billion compared to the first 4 months of last year (achieved by nearly $US 1.05 billion last year).
According to the findings of the Customs News reporter, by the end of April, there are 5 exported commodity groups of Vietnam to India reaching a turnover value from $US 100 million or over, including an increase by one more commodity group over the same period in 2017.
The new commodity group that reached this important milestone is means of transport and components with $US 109 million, increasing significantly compared to $US 28.4 million last year.
In addition, machinery, equipment, tools and spare parts also reached a large turnover of nearly $US 710 million, increased more than $US 606 million.
The strong rise of key groups not only helped Vietnam's export growth rate to India hit the impressive result, but also helped Vietnam to dramatically reverse the trade balance.
By the end of April last year, Vietnam reached a trade deficit of $US 359 million, but in the same period of 2018, Vietnam has reached a trade surplus of nearly $US 800 million to India.
Another interesting fact about Vietnam's imports from the Indian market is the absence of automobiles. In the first four months of 2017, the country imported nearly 5,000 automobiles in complete units, with a total turnover of more than $US 22 million, but from the beginning of 2018, the country did not import these items from India.
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