By IANS,
New Delhi : The United Arab Emirates (UAE) continues to be India’s top trading partner as demand for Indian goods rises in the Gulf countries. It is followed by China and the US, says the Economic Survey for fiscal 2010-11.
The US, which used to be India’s top trading partner till 2007-08, had been relegated to the third position now.
The UAE became India’s largest trading partner in fiscal 2008-09, said the survey tabled in the Lok Sabha by Finance Minister Pranab Mukherjee Friday.
This position continued in 2009-10 and also in the first half of the current fiscal.
While there is huge trade deficit with China, India enjoys trade surplus with the UAE and the US.
Export-import ratios show that among its top 15 trading partners, India has bilateral trade surplus with five countries — the UAE, the US, Singapore, Britain and Hong Kong.