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Increase Recorded In Imports From Iraq And UAE, In Exports To US And UAE In May

Updated: Jun 15, 2024 04:24:19pm

Increase Recorded In Imports From Iraq And UAE, In Exports To US And UAE In May

New Delhi, Jun 15 (KNN) India's trade figures for the month of May revealed divergent patterns across various export destinations and import sources, according to data released by the Ministry of Commerce.

On the import front, inbound shipments from Iraq surged by a substantial 58.68 per cent to USD 3.76 billion, while imports from the United Arab Emirates (UAE) increased by approximately 50 per cent during the same period.

Imports from Russia also witnessed an 18 per cent rise, reaching USD 7.1 billion, primarily driven by oil imports.

The data indicated that imports from China remained steady, registering a 2.82 per cent increase at USD 8.48 billion compared to the corresponding period last year.

However, among India's top 20 import source nations, several countries, including Saudi Arabia, Switzerland, Japan, Germany, Hong Kong, Australia, and Malaysia, experienced a negative growth in imports during May.

Regarding exports, India's outbound shipments to several nations, such as South Africa, Italy, Nepal, Belgium, and Australia, recorded a negative growth rate for the month under review.

Conversely, exports to major trading partners like the United States, the UAE, the Netherlands, the United Kingdom, Singapore, and Saudi Arabia exhibited positive growth.

Notably, exports to China witnessed a modest 3.35 per cent increase, amounting to USD 1.32 billion during the previous month.

Overall, India's merchandise exports rose by 9 per cent to USD 38.13 billion in May, reflecting the complex dynamics of the country's foreign trade landscape.

The Ministry of Commerce's trade figures underscore the intricate interplay of economic factors influencing India's import and export trajectories, highlighting the need for ongoing analysis and strategic trade policies to navigate the global market dynamics effectively.

(KNN Bureau)


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