The trade between India and UAE is continuously creating records. The special thing is that in the month of October, India’s imports have seen an increase of more than 70 percent. Due to which India’s trade deficit with UAE has also increased significantly. According to the data of the Ministry of Commerce, both India’s exports and imports have increased. India’s imports with UAE have increased by more than 55 percent in the first 7 months of the current financial year. At the same time, an increase of about 21 percent has been seen in imports. Let us also tell you what kind of figures have come out regarding the trade between India and UAE.
Record trade in October
India’s imports from its Free Trade Agreement (FTA) partner United Arab Emirates (UAE) increased by 70.37 percent on an annual basis in October to $ 7.2 billion, or about Rs 61 thousand crore. Due to which the trade deficit during one month was about 3.5 billion dollars. This information has been received from the data of Commerce Ministry. The trade deficit, the difference between imports and exports, was US $ 2.47 billion in September.
How was business in the last 7 months?
Overall imports from UAE in April-October increased by 55.12 percent to US $ 38.64 billion as compared to US $ 24.91 billion on annual basis. At the same time, exports increased by 15.86 percent on annual basis to 20.93 billion dollars. In the same period last year it was 18 billion dollars. Trade deficit increased to US $ 17.71 billion in April-October, which was US $ 6.85 billion in the same period a year ago. The FTA between India and UAE came into effect in May 2022.
How was the situation in September and August?
According to the data, India’s imports from UAE increased by 49.22 percent to US $ 5.38 billion in September and by 72.7 percent to US $ 6.38 billion in August. On the other hand, exports increased by 23.75 percent to US$ 2.91 billion in September and 3.16 percent to US$ 2.84 billion in August. UAE is India’s third largest trading partner with bilateral trade of $83.65 billion in the financial year 2023-24.
