UAE India's second largest export destination and third largest source of imports

Tags: Economy/Finance National News

According to the annual trade data released by the Ministry of Commerce, Government of India, UAE is the second most important export destination of India.

An Overview of the News

• The US and the UAE retained their first and second positions, respectively, as India's top export destinations during the financial year 2022-23.

• India's total exports of goods and services grew by six per cent during the fiscal year that ended last month.

• The Netherlands replaced China last year due to higher levels of imports of refined petroleum products through the maritime nation and moved up to the third spot in India's overall export ranking during the same period.

• The commerce ministry also released India's trade data for March 2023, which showed UAE as second only to the US among India's export destinations.

• The UAE ranked third among India's import sources in March 2023, after China and Russia.

About United Arab Emirates (UAE)

• Location: It is located in Western Asia.

• Geographical Boundaries: It shares borders with Oman and Saudi Arabia.

• Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.

• Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.

Capital - Abu Dhabi

Official language - Arabic

Government - Federal Islamic parliamentary elective semi-constitutional monarchy

President/Crown Prince - Mohamed bin Zayed Al Nahyan

Prime Minister - Mohammed bin Rashid Al Maktoum

Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan