Exports to India hit $2.4 billion
Exports to India hit $2.4 billion
Viet Nam exported US$2.4 billion worth of goods to India last year, surging from $1.8 billion a year ago.
This announcement was made by the Department of Africa, West Asia and South Asia Markets under the Ministry of Industry and Trade (MoIT).
Among items experiencing high export turnover were mobile phones and their components, rubber, seafood and agricultural products.
There remained untapped potential for Vietnamese enterprises to increase exports to the Indian market and capitalise on its strong consumption trends and diversified demand for goods, the department claimed.
It added that India had fostered a large import demand for Viet Nam's tea, coffee, cashew nuts and pepper for re-export purposes. The country also needed a significant amount of natural rubber for its large-scale production of car tyres for both domestic consumption and export.
Besides these reviewed products, canned food stuff, fine arts and handicraft, construction materials and clothing also showed promise as goods that Vietnamese firms could successfully export to the Indian market.
According to the department, India has become a major importer of Vietnamese goods. During 2008-12, Viet Nam's exports to the market increased significantly by 46 per cent annually, mainly due to the positive influence of the ASEAN-India Free Trade Agreement.
Trade experts suggested that Vietnamese businesses should intensify their market research efforts to seek new partners and carefully study customs procedures and other information about the market to successfully penetrate it.
vietnamnews
