India’s Imports From UAE Skyrocket 109 pc In November, Trade Deficit Reaches USD 3 Bn

ENA Sectors 2024-12-17 17:16:36 New Delhi, Dec 17 (KNN) Indias imports from the UAE have surged by 109.57 per cent year-on-year, reaching USD 6.12 billion in November 2024, according to data from the Ministry of Commerce. This sharp increase resulted in a trade deficit of over USD 3 billion for the month. In contrast, Indias exports to the UAE saw a more modest rise of 11.38 per cent, totalling USD 3 billion during the same period. Cumulatively, during the period from April to November 2024, imports from the UAE rose by 60.84 per cent to USD 44.76 billion, compared to USD 27.83 billion in the same period last year. Meanwhile, exports to the UAE increased by 15.25 per cent year-on-year, reaching USD 23.94 billion, up from USD 20.77 billion in the previous fiscal year. The Free Trade Agreement (FTA) between India and the UAE, which came into effect in May 2022, has contributed to this growth. The UAE is now India's third-largest trading partner, with bilateral trade reaching USD 83.65 billion in 2023-24. Major imports from the UAE include mineral oil, chemicals, essential oils and perfumes, precious and semi-precious stones, iron and steel products, as well as copper, nickel, and aluminium goods. On the other hand, Indias top import source during the first eight months of the current fiscal year was China, with imports valued at USD 74.68 billion, marking a 10 per cent year-on-year increase. However, Indias exports to China declined by 10.28 per cent to USD 9.22 billion. The data also highlighted Indias top ten import sources, which include China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland, and Singapore. Imports from Russia rose by 9.22 per cent to USD 43.91 billion during April-November 2024, compared to USD 40.2 billion in the same period the previous year. Regarding exports, the US emerged as Indias largest export destination, with shipments increasing by 5.27 per cent to USD 52.94 billion. During the same period, the top ten export destinations for India were the US, the UAE, the Netherlands, the UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and Australia. In 2023-24, the US was Indias largest trading partner, followed by China. Historically, China was Indias top trading partner from 2013-14 to 2017-18 and again in 2020-21, before the UAE reclaimed this position. The US has also been India's largest trading partner in 2021-22 and 2022-23. (KNN Bureau) 40291 https://knnindia.co.in/news/newsdetails/sectors/indias-imports-from-uae-skyrocket-109-pc-in-november-trade-deficit-reaches-usd-3-bn 2024-12-17 17:16:36 knnindia.co.in India’s Imports From UAE Skyrocket 109 pc In November, Trade Deficit Reaches USD 3 Bn