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Indian exports to UAE may cross $31 billion




Indian exports to UAE may cross $31 billion

During June 2022-January 2023, India’s non-oil exports to grow by 5 per cent to $15.2 billion. (file)

New Delhi:

The country’s exports to the UAE, with which India implemented a free trade agreement on May 1 last year, are set to cross $31 billion during the current financial year on healthy demand from sectors such as gems and jewellery, machinery and auto. are supposed to. the official said on Friday.

The government official said the agreement is helping India boost its outbound shipments to the UAE.

During June 2022-January 2023, India’s non-oil exports to grow by 5 per cent to $15.2 billion as against $14.5 billion in the same period last year. Imports increased by 3 percent to $16.8 billion during this period.

Earlier in 2016-17, India’s exports to UAE had reached $31.2 billion.

6,057 certificates of origin have been issued in January to exporters to avail concessional duty benefits under the trade agreement.

Certificate of Origin is an important document required for exports to countries with which India has trade agreements. An exporter has to submit the certificate at the landing port of the importing country. The document is important for claiming duty concessions under free trade agreements. This certificate is necessary to prove where the goods come from.

During June 2022-January 2023, exports of gems and jewelery and electrical machinery to the UAE are set to increase by 16 percent and 29 percent to $3.8 billion and $2.6 billion, respectively. During this period, automobile shipments grew 38 percent to $475 million.

Other sectors that registered good growth in exports include coffee, tea, spices, sugar, man-made staple fibers and edible vegetables.

On the possibility of rupee-dirham trade between the countries, the official said the central banks of both countries are discussing the matter and technical teams are working out the modalities.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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