Bilateral trade between India-GCC up 40% in 2022-23

25 December, 2022 | Pravina Srivastava

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Bilateral trade between India and the Gulf Cooperation Council (GCC) increased by 77.06 percent year on year

According to Union Minister of State in the Ministry of Commerce and Industry Anupriya Patel, bilateral trade between India and the Gulf Cooperation Council (GCC) increased by 77.06 percent year on year, from USD 87.35 billion in fiscal year 2020-21 to USD 154.66 billion in fiscal year 2021-22.

Bilateral commerce between India and the GCC amounted at USD 111.71 billion for the current fiscal year 2022-23, during the period April-October 2022, up from USD 79.49 billion during the same period in 2021-22. According to the minister, this is a 40.53 percent increase year over year.

On a compounded annual growth rate basis, bilateral trade between India and the GCC increased by 10.57 percent from fiscal year 2017-18 to fiscal year 2021-22.