New Delhi, September 26 (Agency) Indian exports to the UAE, excluding petroleum products, registered 14 per cent growth at US$ 5.92 billion during June-August 2022 compared to US$ 5.17 billion during the same period last year, a statement from the Ministry of Commerce said on Sunday. India’s global non-petroleum exports during the same period (Jun-Aug 2022) grew by 3% on an annual basis which 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, the statement said. Excluding petroleum related imports, Indian imports from the UAE during the same three-month period grew from US$ 5.56 billion (June-August 2021) to US$ 5.61 billion (June-August 2022), registering an increase of 1%, it added.’
‘India’s non-oil export growth of around 14% on year-on-year basis comes in the context of significant macroeconomic headwinds such as 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, reduction in global merchandize trade (growth slowed down to 3.2% in Q1 2022 vis-a-vis 5.7% in Q4 2021)etc,” the statement said. ”WTO’s global trade growth forecast for the entire year 2022 was at 3% in April 2022. This forecast is expected to be revised downwards as the macroeconomic headwinds have worsened since April 2022,” it said.The Commerce Ministry said Indian exports are likely to increase further in the coming months with increasing use of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by the exporters and with dedicated efforts from Department of Commerce, in association with Indian Mission in the UAE, through organization of a series of trade promotion events in the UAE during the current financial year.