{"id":88649,"date":"2026-04-17T00:00:00","date_gmt":"2026-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=88649"},"modified":"2026-04-17T10:11:46","modified_gmt":"2026-04-17T10:11:46","slug":"indias-middle-east-trade-drops-50-in-march-as-iran-war-bites","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/04\/17\/indias-middle-east-trade-drops-50-in-march-as-iran-war-bites\/","title":{"rendered":"India\u2019s Middle East trade drops 50% in March as Iran war bites"},"content":{"rendered":"

India\u2019s trade with the Middle East plunged over 50% in March, with <\/strong>USD<\/strong> 3.5 bn in Indian exports to the region wiped out in March<\/strong> due to the Iran war and blockade of the Strait of Hormuz, Economic Times<\/a> reports, citing India\u2019s Commerce Secretary Rajesh Agrawal. This decline came despite India\u2019s merchandise trade deficit narrowing to a nine-month low of USD 20.6 bn in March, as strong demand from the US offset disruptions from the war, according to data<\/a> from the Trade Ministry.<\/p>\n

Why it matters: <\/strong>With annual India-Middle East trade valued at USD 178 bn<\/a>, these early warning signs suggest global disruptions may continue through April. A persistent blockade of Hormuz has stirred up a war tax \u2014 with rising freight and ins. premiums \u2014 on India-Middle East trade as goods face longer transit times and uncertainty. <\/p>\n

In value terms: <\/strong>Exports to the region fell 57.9%, while imports saw a 51.6% downturn. The slump in India\u2019s monthly exports to the region \u2014 typically around USD 6 bn \u2014 impacted gems and jewelry, engineering goods, electronics, petroleum products, and food products.<\/p>\n

Imports ease on lower oil, gold:<\/strong> India\u2019s merchandise imports in March declined<\/a> 6.5% m-o-m to USD 59.5 bn, driven by a USD 12.1 bn (36% y-o-y) dip in oil purchases and a 31.6% fall in gold imports as supplies from the Gulf remained constrained. <\/p>\n

Oman featured among the top five import sources in March, marking an expansion of 112% y-o-y<\/strong> while displacing the UAE, which was the third-largest import source<\/a> in February. This highlights the impact of the Hormuz blockade on India\u2019s trade dynamics with the Gulf region. <\/p>\n

MEANWHILE- India\u2019s gems and jewelry exports to <\/strong>the UAE climbed 23.7%<\/strong> and to Hong Kong 33.5%, providing some relief. The sector\u2019s total exports fell 3.3% y-o-y to USD 27.72 bn in FY 2026, their lowest in five years, according to a Gem and Jewellery Export Promotion Council press release (pdf)<\/a>. <\/p>\n

US demand cushions shock:<\/strong> India\u2019s total exports climbed to USD 38.9 bn, with US shipments jumping 17.4% m-o-m to USD 8 bn, on the back of tariff cuts boosting textile and engineering exports. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"

Plunging regional trade was offset by surging US demand, keeping India's trade deficit at a nine-month low<\/p>\n","protected":false},"author":1,"featured_media":88650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2723],"tags":[2402,2958,2659,2722,2441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-enterpriseam-india","tag-hormuz","tag-india-gcc-corridor","tag-the-big-story-today","tag-trade","wpautop","entry"],"acf":{"mongo_id":"bc3e6c31-9f62-4cf9-b255-695c2da3b4cb","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/844.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Iran 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