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The commerce ministry in its latest data has indicated that India's exports to the UAE contracted by 10.2 per cent to $4.82 billion during April-May of FY24 against $5.37 billion in the year-ago period. 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 per cent to $31.3 billion, while imports from that country grew by 18.8 per cent to $53.2 billion in the preceding fiscal due to increased inbound shipments of oil. Exports to the US also declined by about 13 per cent 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.