India’s exports to UAE forecast to hit $50bln in four years
India’s exports to the UAE will likely hit $50 billion by 2026-27 from $31.8 billion in 2022-33, India’s commerce secretary, Sunil Barthwal, said.
Trade between India and the UAE has grown significantly after the implementation of the trade agreement on May 1, 2022, he said.
“We are hoping that we will be able to reach $50 billion exports by 2026-27,” Mint, an Indian financial daily, said, citing Barthwal.
The news report cited an unnamed government official saying that India and the UAE will hold the first meeting of the joint trade committee next month.
According to the latest data, India’s exports to the UAE jumped 11.8% to $31.8 billion in 2022-23 compared to $28 billion a year earlier.
India’s non-oil imports from the UAE also surged by 4.1% year-on-year to $25.5 billion.
The top export products were petroleum oil, which surged 36% year-on-year to $7.78 billion.
The India-UAE Comprehensive Economic Partnership Agreement, signed between the two nations on February 18, 2022, came into force on May 1, 2022.
