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Commerce says exports likely to increase with further use of Comprehensive Economic Partnership
Commerce says exports likely to increase with further use of Comprehensive Economic Partnership
India’s non-oil exports to the United Arab Emirates rose 14 percent between June and August, India’s Commerce and Industry Ministry said on Sunday, thanks to a bilateral trade deal between the two countries that came into effect in May.
India’s global non-oil exports grew by just 3% year-on-year during the same period, the ministry said, aiming to highlight that such exports to the UAE grew at a much higher rate of $5.92 billion compared to $5.17 billion in the same period. a year ago.
“Excluding oil-related imports, during the same three-month period, India’s imports from the UAE increased by 1 percent to $5.61 billion,” the ministry noted, adding that the analysis did not include the analysis for two reasons. Consider oil trading.
“…the increase in imports of oil/petroleum products is mainly due to the increase in global prices and to a certain extent the increase in the import volume. Also, it is worth mentioning that most of the oil imported from the UAE is crude oil, the demand of which is inelastic and tariffs very low,” it explained.
The largest increases in Indian exports to the UAE during this period were in sugar (up 237%), cereals (161%), vegetables (82%), inorganic chemicals (74%) and electrical machinery and equipment (67%).
With the increasing use of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by exporters and a series of trade promotion events planned in the UAE during 2022-23, Indian exports are expected to increase in Further increases in the coming months.
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