Over the past 22 years, mutual trade figures between the UAE and India have increased by around 22.5 times, reaching 180 billion dirhams (around $49 billion) in the past year. 2022, compared to the data for the year 2000, which amounted to approximately 8 billion dirhams (2.2 billion dollars).
In 2022, UAE trade hit record highs for the first time, surpassing the 2.3 trillion dirham barrier for the first time in its history, with India ranking among the UAE’s top 10 trading partners in exports, imports and re-exports.
Trade in goods re-exported to the 10 largest foreign markets including India grew by 13% in 2022. Goods imported from the country’s 10 largest foreign markets also grew by 24%, and on top of that comes India as the largest import market for the UAE.In addition, the domestic exports of the UAE have improved their performance.With a strong growth of 17%, the Indian market has certainly come among the most major importers of Emirati products.
For his part, India’s Commerce Minister, Sunil Partwal, confirmed at an event in New Delhi that India hopes to get the most out of the trade deal between the two countries, which has led to an increase in Indian imports from the United Arab Emirates and an increase in exports. from certain Indian sectors to the Gulf country.
Indian government data showed that exports of machinery, electrical equipment and automotive sectors to the UAE grew by 32% and 42%, respectively, on a yearly 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% year-on-year.
The data showed that India’s imports of aircraft, spacecraft and their spare parts from the UAE increased by 4,859% from a low on a year-on-year basis during the period. April 2022 to March 2023.
India’s imports of Emirati gold could also increase, Parthwal said.
India was the second largest trading partner of the United Arab Emirates in terms of imports in the 9 months of 2022, with 13.1% of the total weight of 10.5 million tons, and a value which touched 74 billion dirhams, representing 8.5% of the total value of UAE imports from abroad.
In terms of non-oil exports, India ranked first in the world as the largest importer of products from the United Arab Emirates, with 31% of the country’s total export weight abroad, accounting for 28, 1 million tons, and with a value of 31.5 billion dirhams, or 12%. the value of national exports.
In terms of re-exports, India ranked third in terms of goods re-exported overseas from the United Arab Emirates with a weight of 520,000 tons, accounting for 7.3% of the weight of goods re-exported of the United Arab Emirates, and worth 41 billion dirhams. , which represents 12% of the value of re-exported goods.
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