India's imports from UAE surge 109% to $6.12 billion in November

India’s trade with the United Arab Emirates (UAE) has seen big growth in November, based on data from the Ministry of Commerce. Imports from the UAE went up by 109.57% compared to last year. They reached $6.12 billion in November. Because of this, India had a trade gap of more than $3 billion for the month.

India’s exports to the UAE also increased, but the growth was slower. Exports rose by 11.38% in November, reaching $3 billion.

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From April to November this year, imports from the UAE grew by 60.84%. They reached $44.76 billion, which is much higher than $27.83 billion in the same months last year. At the same time, exports to the UAE increased by 15.25%, reaching $23.94 billion. Last year, during this same period, exports were $20.77 billion.

The free trade agreement (FTA) between India and the UAE began in May 2022. It has helped both countries increase their trade. Today, the UAE is India’s third-largest trading partner. In the financial year 2023-24, the total trade between India and the UAE was worth $83.65 billion.

India buys many goods from the UAE. These goods include mineral oil, chemicals, perfumes, precious and semi-precious stones, iron, steel, and metals like copper, nickel, and aluminium.

China is still India’s top import partner. Between April and November this year, imports from China increased by 10%, reaching $74.68 billion. However, India’s exports to China dropped by 10.28%, falling to $9.22 billion.

Russia is another important trade partner for India. Imports from Russia went up by 9.22% during April-November this year. They reached $43.91 billion, compared to $40.2 billion during the same time last year.

India’s main import partners during the first eight months of this financial year were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland, and Singapore.

At the same time, the United States stayed India’s top export destination. Between April and November, India’s exports to the US grew by 5.27%, reaching $52.94 billion. Other top export destinations for India during this period were the UAE, Netherlands, United Kingdom, China, Singapore, Saudi Arabia, Bangladesh, Germany, and Australia.

In recent years, trade patterns have changed. The United States was India’s largest trade partner in 2023-24, followed by China. Before that, China was India’s top trade partner from 2013-14 to 2017-18 and again in 2020-21. Before China became the top partner, the UAE held that position. The United States regained the top spot in 2021-22 and 2022-23.

This data shows that countries like the UAE, China, and the United States play a very important role in India’s economy. The increase in both imports and exports shows how trade is growing and changing. These strong trade relationships are helping India’s economy become even stronger.

Dec. 17, 2024 11:18 a.m. 914

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