Indian exports to UAE excluding petroleum products surge to $5.92 bn from $5.17 bn YoY
According to official data released by Commerce Ministry, Indian exports to the UAE, excluding petroleum products, grew by 14 percent to $5.92 billion during June-August 2022 from $5.17 billion in the corresponding period of last year.
India’s global non-petroleum exports during the same period (June-August 2022) grew by 3 percent on an annual basis. This implies the growth rate of India’s non-petroleum exports to the UAE is almost 5 times as that of India’s non-petroleum exports to the world.
Excluding petroleum-related imports, Indian imports from the UAE grew by 1 percent to $5.61 billion from June-August 2022 from $5.56 billion in the corresponding period of last year.
India’s non-oil export growth of around 14 percent on a year-on-year basis comes in the context of significant macroeconomic headwinds such as the conflict in Ukraine, COVID-19-related lockdowns in China, rising inflationary pressures, expected policy tightening in advanced economies, global growth slowdown and consequent reduced demand and reduction in global merchandise trade (growth slowed down to 3.2 percent in Q1 2022 vis-a-vis 5.7 percent in Q4 2021), a statement issued by the ministry said.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) had come into effect on May 1, 2022.
[With Inputs from IANS]
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