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Sat 5 Dec 2009 10:13 AM

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India is last year's top trading partner for UAE

India was UAE's top export destination with exports valued at $15.24bn - ministry.

India was the UAE's top trading partner last year with non-oil trade totalling $32.11bn (AED117.9bn), according to the figures released by the UAE's Ministry of Foreign Affairs.

The Gulf News daily reported on Friday that India was the UAE's top export destination with exports valued at $15.24bn. The UAE's imports from India amounted to $16.87bn in 2008, ministry figures showed.

India's two-way non-oil trade with the UAE rose 53.45 per cent on year to $44.53bn in India's fiscal year that ended March 2009, enabling the UAE to retain its status as India's largest trading partner, the UAE-based daily reported.

India's exports to the UAE comprise mainly petroleum products, finished precious and semi-precious jewellery, machinery, textiles, apparel and cereals, it added.

According to Gulf News, India's imports from the UAE consist primarily of crude oil, petroleum products, raw pearls, precious metals, electrical machinery and equipment and iron and steel.

The Dubai debt crisis may cause "significant damage" to exports, remittances and real estate sectors in India, the country's HDFC Bank said recently.

"The ongoing crisis in Dubai will impact specific pockets of the domestic economy and what may seem negligible at an international level may translate to significant damage for specific segments of the economy," the bank said in a research report cited by India's Economic Times.

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