Exports to India from UAE note huge surge: Details inside

Exports to India from the UAE more than doubled year-on-year to more than $6 billion last month, according to data released by India’s commerce ministry. You can hold the rising demand for gold and energy products responsible.

Simultaneously, imports from India to the UAE increased by more than 11% in the same month. In May 2022, the UAE-India free trade agreement came into effect, taking care of four-fifths of tariffs on goods from both countries.

Exports to India from UAE note significant surge

The UAE-India free trade agreement seeks to eliminate all tariffs in the near future. Since its introduction, bilateral trade continue to rise. Last year alone, the UAE crude exports to India increased by 54%.

The UAE is an important strategic partner for India. Last month, Indian gold imports significantly surged as the country imported $14.8 billion of the precious metal, including a large quantity from the UAE itself.

Indian demand for Emirati gold is likely to drop from seasonal highs, but is expected to remain strong. Diamonds, plastics and metals such as aluminium and copper also represent a major portion of UAE exports to India.

If Emirati imports from India are taken into consideration, you can think about significant amounts of refined fuel products, precious metals, diamonds and machinery, among numerous other goods, according to media reports.

UAE and India sign notable partnership agreement

The UAE-India bilateral relationship easily goes beyond mere economic cooperation. This partnership is prominent for its deep-rooted nature. Both countries share deep interest in different sectors such as trade, climate action and global stability.

The UAE and India signed a notable economic partnership agreement in the recent past, seeking to bolster trade based on reduced tariffs and greater regulatory efficiency. Their relationship is based on a long history of high-profile meetings by top dignitaries.