The UAE continues to be the second most important export destination for India, according to annual trade figures released by the Ministry of Commerce, the government of 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 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 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 eighth place for Indian exports and in fifth place as an import source.
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