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India’s exports to the UAE, with which a free trade agreement was implemented on May 1, rose by 17.6 per cent to about USD 18 billion during April-October this fiscal, according to the commerce ministry’s data.
However, exports in October dipped by 18 per cent to about USD 2 billion.
Imports during April-October 2022-23, on the other hand, increased by 33 per cent to USD 32.3 billion from the UAE, the data showed.
Imports from China during the same period grew by 18 per cent to USD 60.3 billion, while India’s exports to China declined by 37.3 per cent to 8.8 billion, according to the data.
Exports to India’s major destinations, such as the US, UAE, China, Bangladesh, UK and Saudi Arabia, have recorded negative growth in October. On the other hand, exports registered positive growth in the Netherlands, Singapore and Brazil during the month.
In April-October this fiscal, exports to the US rose by 8.4 per cent to USD 47 billion.
Similarly, the outbound shipments to the UK during seven months of the fiscal have increased by 8.3 per cent to USD 6.5 billion.
This data is collated by the ministry’s Directorate General of Commercial Intelligence and Statistics based on quick estimates.
India’s exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to USD 29.78 billion in October due to global demand slowdown, even as the trade deficit widened to USD 26.91 billion, according to data released by the ministry on Tuesday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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