Post CEPA, India’s Non-petroleum Exports To UAE Up 14% YoY From June-Aug 2022

The Ministry of Commerce and Industry on Sunday said that post comprehensive economic partnership agreement (CEPA), India’s non-petroleum exports to United Arab Emirates (UAE) increased by 14 per cent year-on-year from June-August 2022.

The ministry believes that the India-UAE CEPA which came into effect on 01 May 2022 is already creating a significant positive impact on India-UAE trade. 

Indian exports to the UAE, excluding petroleum products grew from USD 5.17 billion in June-August 2021 to USD 5.92 billion in June-August 2022, which denotes an increase of 14 per cent.

Notably, India’s global non-petroleum exports during the same period (Jun-Aug 2022) grew by 3 per cent on an annual basis. 

"This implies the growth rate of India’s non-petroleum exports to the UAE is almost 5 times that of India’s non-petroleum exports to the world," the statement from the ministry read. 

Excluding petroleum-related imports, Indian imports from the UAE during the same three-month period grew from USD 5.56 billion to USD 5.61 billion, an increase of 1 per cent.

Also, the global trade growth forecast by the World Trade Organisation (WTO) for the entire year 2022 was at 3 per cent in April 2022. This forecast is expected to be revised downwards as the macroeconomic headwinds have worsened since April 2022.

"Indian exports are likely to increase further in the coming months with increasing use of the CEPA by the exporters," it said.