NEW DELHI: The UAE continues to be the second most important export destination for India, according to annual trade figures released by the Union Ministry of Commerce. The US and the UAE retained the first and second places respectively in this category during the financial year 2022-23, the Ministry’s figures showed. The figures for the year were released a fortnight after the new FY began. They showed that India’s overall exports of merchandise and services rose by six percent during the financial year that ended on 31st March 2023. The Netherlands rose to third place in this category during the same period, replacing China. The importance of The Netherlands was owed to a high level of refined petroleum products through the maritime nation last year.
On India’s import graph, the UAE was in third place, after China and Russia. Among the GCC states, only Saudi Arabia figured among India’s top export destinations and sources of imports. The Kingdom was in eighth place for Indian exports and in fifth place as an import source.
