Israel-Hamas Conflict - Impact on India-Israel Trade Explained
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The conflict between Israel and Hamas militants is likely to affect India’s trade if the war escalates. This development is concerning not only for the global economy but also for India, given its dependency on crude oil and its strong trade ties with Israel. India’s trade with Israel totalled USD 10,378 million in 2022 and USD 4,529 million during Jan-Jun 2023. Check out some more stats and facts:
·?????? India’s total exports and imports with Israel were valued at USD 7,589 million and USD 2,789 million in 2022.
·?????? India’s gem & jewellery exports increased to USD 1,328 million in 2022.
·?????? Global crude oil prices surged sharply after the beginning of tensions escalated in the Middle East, home to almost a third of global oil supply.
·?????? Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict.
Read the blog to understand exact picture of India-Israel trade and likely impact due to the war.