UAE imports surged 70% in October, reaching $7.2 billion: Commerce Ministry
India's imports from UAE soar to $7.2 billion in October, expanding trade deficit under the FTA
India-UAE Trade Surges with 70% Rise in Imports, Widening Trade Deficit
NEW DELHI: India’s FTA partner UAE rose 70.37 percent to $7.2 billion in October, with a trade deficit of around $3.5 billion in the month, Commerce Ministry data showed. The deficit, the difference between imports and exports, stood at USD 2.47 billion in September.
Overall, imports from the UAE rose 55.12 percent to $38.64 billion in April-October, compared to $24.91 billion in the same period of the previous fiscal, while exports rose 15.86 percent year-on-year to $20.93 billion. 18 billion USD in April-October 2023-24.
The trade deficit for the seven-month period widened to USD 17.71 billion from USD 6.85 billion in the same period a year ago.
The FTA between India and the United Arab Emirates came into effect in May 2022.
According to the data, India’s imports from the UAE rose 49.22 percent to $5.38 billion in September and 72.7 percent to $6.38 billion in August.
On the other hand, exports rose 23.75 percent to $2.91 billion in September and 3.16 percent to $2.84 billion in August.
In a recent meeting last month, India raised its concerns over the increase in imports of silverware, platinum alloy and dry dates from the UAE and urged the country to ensure that provisions under the Free Trade Agreement (FTA) are not violated.
Emirates has agreed to look into the concerns raised by its Indian counterparts. UAE is India’s third largest trading partner with bilateral trade of USD 83.65 billion in 2023-24.
Major imports include mineral oil, chemicals, essential oils and perfumes, precious and semi-precious stones, iron and steel products, copper, nickel and aluminum products.
