India’s exports to the UAE contracted by 10.2% to $4.82 billion during April-May this fiscal against $5.37 billion in the year-ago period, according to the commerce ministry data
New Delhi/Dubai, NFAPost: India’s exports to the UAE contracted by 10.2% to $4.82 billion during April-May this fiscal against $5.37 billion in the year-ago period, according to the commerce ministry data released.
India and the UAE have operationalised a comprehensive free trade agreement since May 1 last year.
According to the data, imports from the UAE too fell to $6.73 billion from $9.67 billion in April-May 2021-22.
India’s exports to the UAE in 2022-23 rose by 11.8% to $31.3 billion, while imports from that country grew by 18.8% to $53.2 billion in the preceding fiscal due to increased inbound shipments of oil.
Exports to the US also declined by about 13% to $12.47 billion.
Imports from America decreased to $6.88 billion during the first two months of this fiscal as against $8.33 billion in the same period a year ago, the data showed.
However, imports from China have marginally increased to $15.75 billion during April-May 2023-24 as compared to $15.46 billion in the year-ago period. Exports to China have recorded negative growth.
Imports from Russia jumped to $11 billion during the period under review due to increasing inbound shipments of crude oil from the country.
