Singapore Overtakes UAE to Become India's 2nd-Largest Export Hub. Why This Matters Amid the US-Iran War
India, May 17 -- As the West Asia conflict shows no signs of ending soon, India is changing its trade patterns. India has recently replaced the UAE with Singapore, making Singapore India's second-largest export partner. According to Commerce and Industry Ministry data, traders have started using alternative routes amid disruptions in West Asia.
Shift in Export Routes
The biggest change has been seen in India's trade links with two major transhipment hubs, the UAE and Singapore, both of which have free trade agreements with India.
India has free trade agreements with both the UAE and Singapore. This year, exports to Singapore climbed to $3.20 billion in April, marking around a 180% jump compared to last year, when the figure stood at $1...
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