UAE India’s second largest export destination and third largest source of imports

According to recent figures released by the Indian Ministry of Commerce, the UAE remains the second most significant export destination for India. The US and UAE held onto their first and second positions, respectively, during the financial year 2022-23. The ministry’s figures, released two weeks into the new fiscal year, indicate a six percent increase in India’s overall exports of goods and services during the financial year that concluded last month.

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Export destinations for India in FY 2022-23:

• The US and the UAE retained their first and second positions as India’s top export destinations
• India’s total exports of goods and services grew by six percent during this period
• The Netherlands replaced China to secure the third spot in India’s overall export ranking due to higher imports of refined petroleum products via the maritime nation
• Among the GCC countries, only Saudi Arabia made it to the list of India’s top export destinations and import sources, ranking eighth and fifth, respectively.

India’s trade data for March 2023:

• The UAE ranked second only to the US among India’s export destinations
• China and Russia were the top import sources for India in March 2023.

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