According to figures from the commerce ministry, India’s exports to the UAE, with which a free trade agreement went into effect on May 1, increased by 17.6% to almost USD 18 billion from April to October of this fiscal.
However, exports fell by 18% to around USD 2 billion in October. On the other hand, the data showed that imports from the UAE surged by 33% to USD 32.3 billion between April and October 2022—2023
The data shows that during the same time period, imports from China increased by 18% to USD 60.3 billion while exports from India to China decreased by 37.3% to USD 8.8 billion. Exports from India had negative growth in October to important markets like the US, UAE, China, Bangladesh, the UK, and Saudi Arabia. On the other hand, during the month, exports increased in the Netherlands, Singapore, and Brazil.
This fiscal year’s April through October saw an 8.4% increase in exports to the US, reaching USD 47 billion. Similar to this, during the first seven months of the fiscal year, exports to the UK rose by 8.3% to USD 6.5 billion. The Directorate General of Commercial Intelligence and Statistics of the ministry compiles this information using conservative estimations.
According to data released by the ministry on Tuesday, India’s exports resumed a downward trend after a lapse of about two years, falling precipitously by 16.65% to USD 29.78 billion in October as a result of a slowdown in global demand, even as the trade deficit increased to USD 26.91 billion.
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