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Minister of Commerce and Industry Piyush Goyal India’s non-oil exports to the United Arab Emirates (UAE) rose 14% year-on-year to $5.92 billion in the June-August period, up from $5.17 billion a year ago, it said on Sunday.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into effect on May 1, has already had a “significant positive impact” on trade between the two countries. The government said May was not included in the analysis because it was considered a transitional period.
“It is worth noting that during the same period (June-August 2022) India’s global non-oil exports grew by 3% per annum. This means that India’s non-oil exports to the UAE grew at almost the same rate as India’s non-oil exports to the rest of the world. five times the growth rate of oil exports,” an official statement said. This growth was led by items such as gems and jewelry, and electrical equipment.
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The statement added that non-oil export growth came amid major macroeconomic headwinds such as the conflict in Ukraine, the Covid-19 lockdown in China, rising inflationary pressures, expected policy tightening in advanced economies, slowing global growth and the consequent Decrease in demand, reduction in global merchandise trade, etc.
The data further showed that the UAE’s non-oil imports rose 1% year-on-year to $5.61 billion in the three-month period to August.
“In the coming months, India’s exports are likely to increase further as demand for CEPA The joint efforts of exporters and the Ministry of Commerce, in collaboration with the Indian Mission in the UAE, have organised a series of trade promotion events in the UAE this financial year,” the statement said.
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