recent report said that bilateral trade between India and the Gulf countries increased by 40.5% between April and October of this year to $111.7 billion, compared to $79.4 billion in the same period last year.
What is Forex Trading ? Forex trading is the process of speculating on currency prices to potentially make a profit. Currencies are traded in pairs, so by exchanging one currency for another, a trader is speculating on whether one currency will rise or fall in value against the other.
The value of a currency pair is influenced by trade flows, economic, political and geopolitical events which affect the supply and demand of forex. This creates daily volatility that may offer a forex trader new opportunities. Online trading platforms provided by global brokers like FXTM mean you can buy and sell currencies from your phone, laptop, tablet or PC.
The Fortune report said that trade between India and the Gulf countries increased from $87.3 billion in the fiscal year 2020-2021 to $154.6 billion in the fiscal year 2021-2022, recording an increase of 77%.
He added: Trade between India and the Gulf countries grew during the fiscal year 2017-2018 to 2021-2022 by 10.5% on a cumulative basis.
He stressed that the increase in bilateral trade between India and the Gulf countries is achieved after the conclusion of a free trade agreement between the two parties last month with the aim of enhancing mutual trade and investments, and the two sides stressed at the time that the free trade agreement will lead to the creation of new jobs and raise living standards and provide wider social and economic opportunities in India and the Gulf countries. And the two sides agreed to expand and diversify mutual trade further in line with the enormous potential for business and economic environments on both sides.
The report quoted the Indian Ministry of Commerce as saying that the Gulf countries are currently India’s largest trading partner, as trade exchange between the two parties in the fiscal year 2021-2022 recorded more than $154 billion, and India’s exports to the Gulf countries increased by 36.8% to reach $44 billion in that period compared to With $ 27.8 billion in 2020-2021. India’s imports from the Gulf countries during the same period amounted to about $110 billion.
According to data issued by the Indian Ministry of Commerce, the Gulf countries contribute about 35% of India’s oil imports and 70% of gas imports. Itself is about $21 billion, and the value of Gulf investments in India is estimated at more than $18 billion.
Why Trade Forex?
Forex offers many benefits to retail traders.
You can trade around the clock in different sessions across the globe, as the forex market is not traded through a central exchange like a stock market. This means you can jump on volatility, wherever it happens. High liquidity also enables you to execute your orders quickly and effortlessly.
Trading forex using leverage allows you to open a position by putting up only a portion of the full trade value. You can also go long (buy) or short (sell) depending on whether you think a forex pair’s value will rise or fall.
Forex trading offers constant opportunities across a wide range of FX pairs. FXTM’s comprehensive range of educational resources are a perfect way to get started and improve your trading knowledge.