Five-year bilateral trade grew by 10.57% CAGR, says Patel
Bilateral trade between India and the Gulf Cooperation Council grew to US$154.66 billion in FY2021-22, registering an increase of 77.06% year-on-year, from US$87.35 billion in FY2020-21.
This update was given by the Minister of State in the Ministry of Commerce and Industry, Anupriya Patel, in a written reply in the Lok Sabha 27 July 2022.
Since FY2017-18, on a compounded annual growth rate basis, bilateral trade between India and the GCC has grown by 10.57%, she said.
Details of India’s exports to the GCC during the last five financial years is as follows:
Bahrain: US$0.53 billion (in 2020-21) increased to US$0.90 billion (in 2021-22)
Kuwait: $1.05bn (2020-21) $1.24bn (2021-22)
Oman: $2.36bn (2020-21) $3.15bn (2021-22)
Qatar: $1.28bn (2020-21) $1.84bn (2021-22)
Saudi Arabia: $5.86bn (2020-21) $8.76bn (2021-22)
UAE: $16.68bn (2020-21) $28.04bn (2021-22). fiinews.com
