UAE : India’s second biggest export destination & third biggest source for imports

NEW DELHI : According to annual trade figures released by the Ministry of Commerce and Industry–UAE continues to be the second most important export destination for India.

The US and the UAE retained the first and second places respectively in this category during the financial year 2022-23, the Ministry’s figures showed.

The figures for the year were released a fortnight after the new year began. They showed that India’s overall exports of merchandise and services rose by six percent during the financial year that got over at the end of last month.

The Netherlands rose to the third place in this category during the same period, replacing China. The importance of The Netherlands was owed to a high level of refined petroleum products through the maritime nation last year.

The Ministry simultaneously released India’s trade figures for March 2023, soon after the month ended. It showed the UAE in second place after the US among India’s export destinations. On India’s import graph, the UAE was in third place during last month, after China and Russia.

Among the GCC states, only Saudi Arabia figured among India’s top export destinations and sources of imports. The Kingdom was in the eighth place for Indian exports and in the fifth place as an import source.