InvestorQ : Is it true that India has substantially expanded its exports to the Middle East?
Deepa Salunkhe made post

Is it true that India has substantially expanded its exports to the Middle East?

Answer
image
Arya Nanda answered.
2 weeks ago
Follow

For the financial year FY22, the Ministry of Commerce has reported that the total exports to the 6 Gulf Cooperation Council (GCC) nations grew 44% to $43.9 billion. Now, the Gulf Cooperation includes 6 out of the 7 Middle East nations other than Yemen. It includes Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and United Arab Emirates. India has been traditionally importing oil from these countries but now it is also building its export base.

In fact, India’s exports to UAE jumped 68% yoy to touch a level of $28 billion according to the FIEO. India’s also grew its exports to Saudi Arabia by a full 49% while exports to Oman and Qatar grew 33% and 43% respectively. Exports to Bahrain grew 70% on a much smaller base. India is a major exporter of paper to the GCC. Clearly, this looks part of the agreement of India going back for Middle East Oil after their brief dalliance with Russia.

4 Views