Iron and steel imports from India continue to increase galloping

According to the Vietnam Trade Office in India (Ministry of Industry and Trade), Vietnam - India trade increased by 42.95% in the first 7 months. However, iron and steel imports continued to increase galloping, an increase of 1,040% to 437.74 USD compared to 38.38 million USD in the same period last year.

Specifically, according to data from the General Department of Vietnam Customs, in the first 7 months of 2017, the total import-export turnover of Vietnam - India reached US $ 4.24 billion, up 42.95% compared to 2.96 billion. USD, in which, export reached 2 billion USD, up 34.1%; imports reached US $ 2.24 billion, up 51.9% over the same period last year.

Export of iron and steel of all kinds, ordinary metals and iron and steel products still kept an impressive growth, the total export value of these 3 commodity groups in 7 months reached US $ 346.16 million, up 98.70% over the with US $ 174.21 million in the same period last year, this is the group with the highest export turnover of Vietnam to India.

Export of computers, electronic products and components reached 302.31 million USD, up 83.7% compared to 164.59 million USD in the same period. Export of mobile phones and components reached 273.53 million USD, up 34.2% compared to 203.80 million USD.

Based on relative data, iron and steel exports of all kinds grew the strongest, up 991.4%; followed by tea increased by 565.8%; coal increased by 424.1%; material plastics increased by 105.2% ...

In contrast, imports of iron and steel continued to increase galloping, an increase of 1,040% to 437.74 USD compared to 38.38 million USD in the same period last year. The import of animal and vegetable fats and oils increased by 227.8% to US $ 4.18 million; imports of fruits and vegetables increased by 121% to US $ 12.36 million; imports of animal feed and materials reached US $ 89.47 million, up 83.8% compared to US $ 48.82 million in the same period last year.

The items with large import turnover increased in the past 7 months, imports of machines, equipment, tools and spare parts reached 301.40 million USD, up 63.7%; Cotton imports reached 218.45 million USD, up 75.5%; seafood import reached 203.52 million USD, up 32.6%.

Notably, in both June and July, Vietnam had trade surplus with India with increasing value, in June we had a trade surplus of US $ 21.97 million to July with a trade surplus of US $ 46.07 million.

The total export value in July reached US $ 306.94 million, up 2.8% from the previous month, however, a significant reduction from the record level of US $ 346.85 million achieved in May. July slightly decreased from June to reach 260.86 million USD compared to 273.14 million USD.