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The share of West Asia in India’s total imports has come down from nearly 30 per cent in FY14 to 20.24 per cent in FY26 (Apr-Jan), primarily due to a fall in energy imports from the region. Meanwhile, the share of West Asia in India’s exports has risen gradually since the pandemic, although it remains below the FY14 level. Chart 1Â
Almost 49 per cent of India’s crude oil was imported from West Asia in FY26 (Apr-Jan), down from 63.77 per cent in FY19. However, India’s dependence on West Asia for imports of precious stones jumped to 51.09 per cent in FY26 (Apr-Jan) from FY19. Chart 2
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West Asia became a major market for India’s exports of precious stones, with its share in exports rising from 10 per cent in FY19 to over 26 per cent in FY26 (Apr-Jan). Meanwhile, the region’s share in India’s basmati rice exports reduced from 83.2 per cent in FY19 to 66.58 per cent in FY26 (Apr-Jan). Chart 3Â
With a cumulative equity foreign direct investment (FDI) of $25.3 billion, the United Arab Emirates has accounted for over 80 per cent of FDI equity flows coming into India from West Asia this century. Chart 4Â
The UAE, which also accounts for over 40 per cent of overseas Indians living in West Asia, contributed over 19 per cent to India’s inward remittances in 2023-24. This was almost half of all remittances India received from member countries of the Gulf Cooperation Council (GCC). Charts 5 and 6Â
