India`s exports to UAE contract by 22% to $2.23 billion in April 2023: Commerce ministry data
The commerce ministry in its latest data has showed that India's exports to the UAE contracted by 22 per cent to $2.23 billion in April 2023 as against $2.86 billion in April 2022. Imports to the UAE also declined by 34.08 per cent to $3.15 billion in April 2023. Indian and the UAE have operationalised a comprehensive free trade agreement since May 1 last year.
According to the data, India's exports to the UAE in 2022-23 rose by 11.8 per cent to $31.3 billion, while imports from that country grew by 18.8 per cent to $53.2 billion in the last fiscal due to increased inbound shipments of oil. Exports to the US also declined by 17.16 per cent to $5.9 billion in April 2023. Imports from America too decreased by 24.67 per cent to $3.14 billion in April this year.
The other export destinations where the country's exports reported negative growth included China (4.31 per cent), Singapore (28.7 per cent), Bangladesh (43.31 per cent), and Germany (14.44 per cent) during the month under review. However, the shipments registered positive growth in the Netherlands, UK, Saudi Arabia, and Italy. On the other hand, imports from Russia jumped by 204 per cent to $4.98 billion due to increasing inbound shipments of crude oil from that country. However, imports from China, Saudi Arabia, Iraq, Indonesia, Korea, and Singapore recorded negative growth in the month under review.
