Mumbai: India’s imports from UAE have jumped by 70.37 per cent year-on-year to $7.2 billion in October. The UAE is the free trade agreement partner of India.
India’s exports to the UAE was at $3.7 billion during last month. The trade deficit during October was $3.5 billion. It was $2.47 billion in September. Trade deficit is the the difference between imports and exports.
Cumulatively also, the imports from the UAE during April-October rose by 55.12 per cent to $38.64 billion against $24.91 billion in the same period previous fiscal, while exports were up by 15.86 per cent year-on-year to $20.93 billion compared to $18 billion in April-October 2023-24.
According to the data, India’s imports from UAE rose by 49.22 per cent to $5.38 billion in September and 72.7 per cent to $6.38 billion in August. Exports, on the other hand, increased by 23.75 per cent to $2.91 billion in September and 3.16 per cent to $2.84 billion in August.
The trade deficit during the seven-month period has widened to $17.71 billion from $6.85 billion in the same period a year ago.
The Free Trade Agreement (FTA)between India and the UAE came into effect in May 2022. The UAE is the third-largest trading partner of India with $83.65 billion bilateral trade in 2023-24. The major goods imported include mineral oil, chemicals, essential oils and perfumes, precious and semi-precious stones, iron and steel products, copper, nickel and aluminium goods.
