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India’s diversification efforts have borne fruit. Its total merchandise exports rose by 9.73 per cent despite a 21.74 per cent decline in exports to West Asia during March-June due to the war.
Exports to the UAE — India’s largest export market after the US and the biggest market in West Asia — suffered the most. During March-June, exports to the UAE declined by 25.54 per cent year-on-year (Y-o-Y).
Exports of chemical products, ready-made garments, agricultural goods, and gems & jewellery to the UAE saw the highest decline, while China and Hong Kong were the top destinations where India diversified its exports.
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However, exports to the UAE normalised in July, registering 10.15 per cent Y-o-Y growth.
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