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India recorded a trade deficit of $3 billion with its Free Trade Agreement (FTA) partner United Arab Emirates (UAE) in November. India’s imports from the West Asian country have risen 109.57% year-on-year in November to reach $6.12 billion as per the monthly trade data. Comparatively, exports to the UAE increased 11.38% year-on-year in November to reach $3 billion.
In the period between April to November 2024, imports from the UAE have risen 60.84% year-on-year to $44.76 billion, while exports have risen 15.25% to $23.94 billion. The UAE is India’s third largest trading partner with a bilateral trade of $83.65 billion in FY 2023-24, with an FTA already present between both countries since May 2022.
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Apart from mineral oil, primarily chemicals, iron and steel products, essential oils and perfumes, precious and semi-precious stones, copper, nickel and aluminium goods are imported from the UAE.
China continued as India’s top import source for the period between April and November 2024 with net imports during the period clocking $74.68 billion, marking a 10% year-on-year increase. The period witnessed a 10.29% drop in India’s exports to China, to $9.22 billion. Imports from Russia also increased by 9.22%, to clock $43.91 billion during the 8-month period.
The top 10 import sources of India during the period were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore. The top 10 export destinations during the period were the US, the UAE, the Netherlands, the UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and Australia.
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