Indian exports to the UAE, excluding petroleum products, increased by 14per cent to $5.92 billion in June-August 2022, up from $5.17 billion in the same period last year. According to Commerce Ministry data, India’s global non-petroleum exports increased by 3per cent year on year during the same period (June-August 2022).
This means that India’s non-petroleum exports to the UAE are growing at nearly five times the rate of India’s non-petroleum exports to the rest of the world. Excluding petroleum-related imports, Indian imports from the UAE increased by 1% in June-August 2022 to $5.61 billion, up from $5.56 billion in the same period last year.
India’s non-oil export growth of around 14per cent year on year comes amid significant macroeconomic headwinds such as the conflict in Ukraine, COVID-19-related lockdowns in China, rising inflationary pressures, expected policy tightening in advanced economies, a global growth slowdown and consequent reduced demand and a reduction in global merchandise trade (growth slowed to 3.2per cent in Q1 2022 versus 5.7per cent in Q4 2021), according to a statement issued by the government.
