GCC is a union of six international locations within the Gulf area — Saudi Arabia, the UAE, Qatar, Kuwait, Oman, and Bahrain.

Within the fiscal 12 months 2021-22, India’s exports to the GCC member international locations grew by 58.26% to about $44 billion as towards $27.8 billion in 2020-21.

In accordance with commerce ministry knowledge, the share of those six international locations in India’s whole exports has risen to 10.4% in 2021-22, from 9.51% in 2020-21.

Equally, imports rose by 85.8% to $110.73 billion, in comparison with $59.6 billion in 2020-21, the information confirmed.

The share of GCC members in India’s whole imports rose to 18% in 2021-22, from 15.5% in 2020-21.

Bilateral commerce has elevated to $154.73 billion in 2021-22, from $87.4 billion in 2020-21.

“GCC officers can be right here for the announcement,” the official mentioned.

India has already carried out a free commerce pact with the UAE in Could this 12 months.

India’s bilateral commerce with the nation elevated to $72.9 billion in 2021-22 as in comparison with $43.3 billion in 2020-21.

India imports predominately crude oil and pure gasoline from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, valuable and semi-precious stones; metals; imitation jewelry; electrical equipment; iron and metal; and chemical substances to those international locations.

Moreover commerce, Gulf nations are host to a sizeable Indian inhabitants. Out of about 32 million non-resident Indians (NRIs), practically half are estimated to be working in Gulf international locations.

The NRIs ship a major sum of money again residence.

In accordance with a November 2021 report from the World Financial institution, India obtained $87 billion in international remittances in 2021. Of this, a sizeable portion got here from the GCC nations.

Amongst its buying and selling accomplice of India in Gulf international locations, Saudi Arabia is on the 4th spot. Whole bilateral commerce has elevated to about $ 43 billion in 2021-22, from $ 22 billion a 12 months in the past.

India imports 8.5 million tonnes a 12 months of LNG from Qatar and exports merchandise starting from cereals to meat, fish, chemical substances, and plastics. Two-way commerce between India and Qatar rose to $ 15 billion in 2021-22 from $ 9.21 billion in 2020-21.

Kuwait was the twenty seventh largest buying and selling accomplice of India within the final fiscal. Bilateral commerce has jumped to $ 12.3 billion in 2021-22, as in comparison with $ 6.3 billion in 2020-21.

Oman was the thirty first largest buying and selling accomplice of India in 2021-22. Bilateral commerce with the nation has elevated to about $ 10 billion in 2021-22, as in comparison with $ 5.5 billion in 2020-21.

(With PTI inputs)