India's exports to West Asia fall 7.2 per cent in first half
Oman and Jordan saw growth in exports despite a general decline in shipments to the region.
India's exports to West Asia decreased by 7.2 per cent during the first half of the current financial year, according to data from the commerce department reported by The Times of India.
While overall exports fell, shipments to Oman rose 45 per cent to $3.2 billion between April and September. The increase in Oman is attributed to the implementation of a free trade agreement and the country's port acting as a gateway to the UAE following the closure of the Strait of Hormuz.
Exports to Jordan also grew, with the value of goods shipped soaring 2.4 times to $1.2 billion. Trade think tank GTRI stated that four product groups accounted for 85 per cent of the nearly $700 million increase in exports to Jordan.
In Jordan, petrol and diesel shipments rose from $110.3 million to $327.3 million, while basmati rice increased from $47.6 million to $253.5 million. Buffalo meat exports rose to $192.4 million from $48.8 million, and medicine exports grew from $13.5 million to $39.7 million.
Shipments of petrol and diesel to GCC and other West Asian countries fell 27 per cent to $3.5 billion. Gold and other jewellery exports to the Gulf trading bloc also declined 8.6 per cent to $3.2 billion.
Trade body Fieo noted that India is supplying approximately 9,000 barrels a day to Jordan due to rising fuel demand, though Saudi Arabia remains the dominant source. Fieo suggested Jordan may serve as a growing destination market and a potential gateway to other markets in West Asia and North Africa.