Vietnam’s trade deficit from India in the first six months of 2012 stood at $335 million, down 45 percent over the same period last year ($606 million), according to the figures from general Department of Vietnam Customs.
Particularly, the total bilateral trade value between Vietnam and India in Jan-Jun reached $1.845 billion, rising 0.45 percent from the same period last year. Of which, Vietnam’s export turnover to India reached $1.09 billion, down 11 percent on year.
Vietnam’s export staples to India market continued to maintain stable high growth rate such as machineries and equipments (+70.3%), computers, electronics and accessories (+91.2%), rubber (+358.9%), pepper (+45%), coffee (+43.7%), cashew (+97.6%). Some new export products with notable growth were plastic products (+60%), seafood products (+24.6%), chemicals (+71.4%) and footwear (+60.1%).
Meanwhile, Vietnam’s export products saw fall in turnover such as iron and steel (down 84%), products from iron and steel (-39%), transport means (-21%), ore and other minerals (down 94%) and coal (-15%).
Currently, India needs to import of agricultural and forestry products from Vietnam such as coffee, pepper, cinnamon, anise, tea, cashew nuts,… to process and add value then re-export.
India exports over 500,000 tonnes of spices yearly, India’s total export value of spices in 2011-2012 reached more than $1.5 billion. For natural rubber, India needs to import about 62,000 tonnes in 2012 to serve the automobile tires production for domestic consumption and export.