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Warnings and Updates from Wim Van Hooydonk india oil

Due to a spike in oil and gold imports, India’s trade gap with the United Arab Emirates quadrupled in May-June, the first two months following the India-UAE free trade agreement.

In the two-month period, the country’s trade deficit with the UAE increased to $3.92 billion from $980 million.

India, too, made gains, with exports to the West Asian nation up 17.5% to $5.4 billion. Imports grew 67% to $9.3 billion during the period, mainly due to a surge in oil shipments amid soaring global prices in both volume and value terms.

Indian exports, unlike its imports, are mainly value-added and finished goods such as textiles, gems, jewellery, machinery, footwear, and automobiles.

Despite the widening trade gap, India primarily imports raw materials from the UAE, according to Arpita Mukherjee, an economist at ICRIER.

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