Non-oil exports to UAE up 14% after commerce deal

With additional use of Complete Financial Partnership Settlement, exports more likely to improve, says Commerce Ministry

With additional use of Complete Financial Partnership Settlement, exports more likely to improve, says Commerce Ministry

India’s non-oil exports to the UAE have grown 14% between June and August, the Commerce and Business Ministry mentioned on Sunday, attributing the uptick to the bilateral commerce deal between the 2 nations that got here into impact this Could.

India’s world non-petroleum exports throughout the identical interval grew by simply 3% on a year-on-year foundation, the Ministry mentioned, searching for to emphasize the a lot increased progress in such exports to the UAE which have been at $5.92 billion in comparison with $5.17 billion a 12 months in the past.

“Excluding petroleum associated imports, Indian imports from the UAE throughout the identical three-month interval grew by 1% to $5.61 billion,” the Ministry famous, including that oil commerce weren’t thought of for this evaluation for 2 causes. 

“…Import improve in oil/petroleum merchandise is essentially on account of the rise in world costs and to a sure extent on a rise offtake in volumes. Additional, it’s pertinent to say that bulk of the oil imports from the UAE are of Crude Petroleum, the demand for which is inelastic and the customs responsibility for which could be very low,” it defined.

The sharpest bounce in Indian exports to UAE over this era was seen in sugar (up 237%), cereals (161%), greens (82%), inorganic chemical substances (74%) and electrical equipment and gear (67%).

The Commerce Ministry mentioned it expects Indian exports to extend additional within the coming months with rising use of the India-UAE Complete Financial Partnership Settlement (CEPA) by exporters and a sequence of commerce promotion occasions deliberate within the UAE throughout 2022-23.

By- The Hindu

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