Dubai: The trade relations of India with 6 GCC (Gulf Cooperation Council) nations – Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain- is increasing at steady pace. As per data, India imported goods worth $110.73 billion from GCC countries. The merchandise exports from India to these countries are at $ 44 billion.
India mainly imports crude oil and natural gas from the Gulf nations. The exports from India include pearls, precious and semi-precious stones; metals; imitation jewellery; electrical machinery; iron and steel; and chemicals. Out of about 32 million non-resident Indians (NRIs), nearly half are estimated to be working in Gulf countries. According to a November 2021 report of the World Bank, India got $87 billion in foreign remittances in 2021.
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UAE is the third-largest trading partner of India in 2021-22. India’s bilateral trade with the UAE surged to $72.9 billion in 2021-22 as compared to $43.3 billion in 2020-21. Saudi Arabia is the fourth-largest trading partner of India . Total bilateral trade has increased to about $43 billion in 2021-22 from $22 billion in the previous fiscal. India imports 8.5 million tonnes a year of LNG from Qatar and exports products ranging from cereals to meat, fish, chemicals, and plastics. The bilateral trade between India and Qatar rose to $15 billion in 2021-22 from $9.21 billion in 2020-21.
Kuwait is the 27th largest trading partner of India in the last fiscal. Bilateral trade has jumped to $12.3 billion in 2021-22 as compared to $6.3 billion in the previous financial year. Oman is the 31st largest trading partner of India in 2021-22. India’s bilateral trade with Oman has increased to about $10 billion in 2021-22 as compared to $5.5 billion in 2020-21. The bilateral trade of India with Bahrain is at $1.65 billion in 2021-22 as against $1 billion in 2020-21.
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