According to figures from the Commerce Ministry, India's exports to the UAE fell 22% in April.
Compared to April, when they were worth USD 2.86 billion, India's exports to the UAE decreased by 22% to USD 2.23 billion, according to figures from the commerce ministry issued on Monday.
Since May 1 of last year, a comprehensive free trade agreement has been in operation between India and the UAE.The report shows that imports into the UAE decreased by 34.08% to $3.15 billion in April.
Sunil Barthwal, the secretary of commerce, expressed optimism on May 1 this year that India's exports to the UAE will increase by almost 60% to reach USD 50 billion by 2026–2027.
Due to more oil being imported, India's exports to the UAE in 2022–23 climbed by 11.8% to USD 31.3 billion, while its imports from it soared by 18.8% to USD 53.2 billion.
Additionally, exports to the US decreased by 17.16% to USD 5.9 billion. The report showed that imports from America also fell by 24.67% to USD 3.14 billion in April of this year.
According to Export Import Data
, China (4.31%), Singapore (28.7 %%), Bangladesh (43.31%), and Germany (14.44%) were the other export destinations where the nation's exports had negative growth in the month under review. However, the Netherlands, the UK, Saudi Arabia, and Italy saw an increase in the exports.
However, due to an increase in crude oil imports from that nation, imports from Russia increased by 204% to USD 4.98 billion, according to the data.