Bilateral trade between India and Saudi Arabia reached $21.0 billion in 2009-10, an over six-fold increase from the $3.4 billion recorded in 2005-06.
India's exports to Saudi Arabia increased to $3.91 billion in 2009-10 from $1.81 billion in 2005-06 while its imports from Saudi Arabia increased substantially to $17.1 billion in 2009-10 from $1.63 billion in 2005-06, commerce and industry minister Anand Sharma said on Friday.
The increase in India's trade deficit with the Gulf country has been due mainly to an increase in the prices of crude oil and petroleum products. India imports mainly petroleum products, organic chemicals, artificial resins, plastic material etc from Saudi Arabia, he said.
India's exports to Saudi Arabia include petroleum products, basmati rice, non-ferrous metals, machinery and instruments, dyes / intermediaries, coal tar, chemicals, etc.
India and Saudi Arabia now propose to focus on bilateral investments and joint ventures to enhance trade as well as services.
They will also exchange business information through business delegations for sensitising businessmen of both countries on future prospects.