India's non-petroleum exports to UAE increase by 14% in Jun - Aug

26 Sept 2022 , 12:07 PM

Piyush Goyal, the minister of commerce and industry, reported on Sunday that India's non-petroleum exports to the United Arab Emirates (UAE) increased 14% year over year to $5.92 billion between June through August from $5.17 billion the previous year.

The May 1 implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is already having a "substantial beneficial impact" on commerce between the two countries. May was excluded from the analysis, the ministry claimed since it is seen as a transitional month.

It is important to note that India's international non-petroleum exports increased by 3% annually over the same time period (June—August 2022). According to an official statement, India's non-petroleum export growth rate to the UAE is almost five times more than India's non-petroleum export growth rate to the rest of the globe. Gems and jewelry, as well as other products like electrical machinery, were mostly responsible for the increase.

The statement continued, "The growth in non-oil exports was observed despite significant macroeconomic headwinds, including the conflict in Ukraine, Covid-19 lockdowns in China, rising inflationary pressure, anticipated policy tightening in advanced economies, the world's economic slowdown and resulting decreased demand, and the decline in global merchandise trade, among others."

The report also revealed that non-petroleum imports into the UAE increased by 1% year over year to $5.61 billion for the three months that ended in August. According to the statement, "Indian exports are likely to increase further in the coming months, with increased use of the CEPA by exporters and with dedicated efforts from the Department of Commerce, in association with the Indian Mission in the UAE, through the organization of a series of trade promotion events in the UAE during the current financial year."

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