India hopes to increase the value of its exports to the UAE to reach $50 billion by the fiscal year 2026-2027, according to statements by the Indian Minister of Commerce.
Over the past 22 years, the mutual trade numbers between the UAE and India have increased by about 22.5 times, to reach 180 billion dirhams (about 49 billion dollars) during the past year 2022, compared to data for the year 2000, which amounted to about 8 billion dirhams (2.2 billion). dollar ).
In 2022, UAE trade recorded records for the first time, by exceeding the barrier of 2.3 trillion dirhams for the first time in its history, as India ranks among the 10 largest trading partners of the UAE in exports, imports and re-exports.
The trade of re-exported goods to the 10 most important foreign markets, including India, grew by 13 percent during 2022, and imported goods from the 10 largest foreign markets of the country increased by 24 percent, on top of which India comes as the largest import market for the UAE. With a strong growth of 17 percent, the Indian market certainly came among the largest importers of UAE products.
For his part, Indian Commerce Minister Sunil Parthwal confirmed, during an event in New Delhi, that India hopes to achieve maximum benefit from the trade agreement between the two countries, which led to an increase in Indian imports from the UAE and an increase in exports of some Indian sectors to the Gulf country.
Indian government data showed that exports of the machinery, electrical equipment, and automobile sectors to the UAE rose by 32 percent and 42 percent, respectively, on an annual basis, between April 2022 and March 2023.
According to preliminary government data, the total value of Indian exports to the UAE exceeded $31 billion between April 2022 and March 2023, an increase of 11.2 percent year-on-year.
The data showed that India’s imports of aircraft, spacecraft and their spare parts from the UAE increased by 4,859 percent from a low level on an annual basis during the period from April 2022 to March 2023.
India’s imports of UAE gold may also increase, Parthwal said.
India was the second largest trading partner with the UAE in terms of imports during the 9 months of 2022, with 13.1 percent of the total weight of 10.5 million tons, and a value that touched 74 billion dirhams, representing 8.5 percent of the total value of the UAE’s imports from abroad.
As for non-oil exports, India ranked first in the world as the largest importer of UAE products, with 31 percent of the total weight of national exports abroad, representing 28.1 million tons, and with a value of 31.5 billion dirhams, representing 12 percent of the value of national exports.
As for re-exports, India ranked third in terms of goods re-exported abroad from the UAE, with a weight of 520 thousand tons, representing 7.3 percent of the weight of UAE re-exported goods, and with a value of 41 billion dirhams, which constitutes 12 percent of the value of re-exported goods.
2023-05-02 07:31:37
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