According to the data, imports to the UAE also declined by 34.08 per cent to USD 3.15 billion in April.
Commerce secretary Sunil Barthwal on May 1 this year expressed hope that India’s exports to the UAE are expected to rise by about 60 per cent to reach USD 50 billion by 2026-27.
India’s exports to the UAE in 2022-23 rose by 11.8 per cent to USD 31.3 billion, while imports from that country grew by 18.8 per cent to USD 53.2 billion in the last fiscal due to increased inbound shipments of oil.
When asked about the dip in exports and imports between the two countries, Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that one of the major components with the UAE has been petroleum trade and recessionary pressure on petroleum prices is likely to result in lesser imports, and also when “we re-export petroleum products, that is likely to have its impact”.
He added that for many consumer goods, the UAE acts as a channel for CIS (Commonwealth of Independent States) countries and other gulf countries, which have got impacted and that is the reason “why our exports” to the UAE have seen a decline.
Exports to the US also declined by 17.16 per cent to USD 5.9 billion. Imports from America too decreased by 24.67 per cent to USD 3.14 billion in April this year, the data showed. The other export destinations where the country’s exports reported negative growth included China (4.31 per cent), Singapore (28.7 per cent), Bangladesh (43.31 per cent), and Germany (14.44 per cent) during the month under review.
However, the shipments registered positive growth in the Netherlands, UK, Saudi Arabia, and Italy.
On the other hand, imports from Russia jumped by 204 per cent to USD 4.98 billion due to increasing inbound shipments of crude oil from that country, the data showed.
However, imports from China, Saudi Arabia, Iraq, Indonesia, Korea, and Singapore recorded negative growth in the month under review.