Trade turnover between Vietnam and India reached nearly US$937 million in the first quarter of this year, an annual decline of 7.25 percent, reported the Vietnam Overseas Trade Office in India.
Despite the decline, India remained one of Vietnam’s 10 biggest trade partners, it said, adding that thanks to a free trade agreement signed more than two years ago, commerce between the two countries has developed significantly.
In the first quarter, Vietnam’s total export turnover hit US$336.2 million, up 11.3 percent over the same period last year with key products achieving high growth.
In particular, the export value of machinery increased by more than 188 percent while that of computers and electronics upped by 38.3 percent.
Rubber exports reached the highest growth rate at more than 300 percent.
Other exports enjoying growth were seafood (more than 95 percent) and footwear (51.7 percent).
Products that experienced a downturn in trade included steel and iron (80.7 percent) and pepper (90 percent).
According to the Vietnamese overseas trade office, in addition to rubber, electronics and garments, India has a high demand for Vietnamese agricultural products like pepper, tea, cashews and coffee.
In terms of imports, Vietnam spent only US$600 million, a year-on-year slump of 15.2 percent, which downed the trade deficit by 39.3 percent.
Imports were mainly materials for domestic production such as cotton, accessories, and machinery.
Trade turnover between the two sides has grown, hitting US$1 billion in 2006 and US$2.8 billion in 2010. The two countries target to boost the figure to US$7 billion by 2015.