India-UAE trade pact boosts exports to $31.3 billion in 2022-23
1 year, 7 months ago

India-UAE trade pact boosts exports to $31.3 billion in 2022-23

The Hindu  

Exports from India to the UAE have grown at almost 12% in 2022-23 to hit $31.3 billion, more than double the 5.3% growth in India’s overall exports, thanks to the implementation of the bilateral trade pact last May, the Commerce Ministry said on Monday. “During the CEPA Implementation period, bilateral trade increased from $67.5 billion a year earlier to $76.9 billion – an annual increase of 14%,” Commerce Secretary Sunil Barthwal said. While oil trade continues to dominate the trade basket between the two nations, India’s auto exports to UAE jumped 42% while imports of aircraft parts from the Emirates shot up from a mere $39 million in 2021-22 to nearly $2 billion – a surge of 4,859%. India’s imports from the UAE grew 18.8% to $53.2 billion in 2022-23, faster than the 16.1% rise in its overall import bill.

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