New Delhi, April 16 -- The West Asia war has taken a toll on India's trade. Exports declined 7.4% year-on-year in March, and imports fell 6.5%, per the commerce ministry data. Trade figures with India's top Gulf partners-the UAE, Saudi Arabia, Qatar, and Iraq-are bleeding red, weighing significantly on overall numbers.

India's exports to the UAE and Saudi Arabia, which are among the top 20 trade partners, crashed 61.9% year-on-year and 45.7%, respectively, in March. In absolute terms, exports to the UAE declined to $1.3 billion from the pre-war average of $3.3 billion. Exports to Saudi Arabia declined to $0.5 billion from the pre-war average of nearly $0.9 billion.

On the import front, four countries featured in the top 20. India's impo...