India’s exports to the UAE grew by almost 12% in 2022-23, reaching $31.3 billion, more than double the overall growth in India’s exports, according to the Commerce Ministry.
This growth was attributed to the implementation of the bilateral trade agreement (CEPA) in May 2022. During the CEPA implementation period (May 2022 to March 2023), bilateral trade increased by 14% to $76.9 billion.
Although oil trade continues to dominate the trade basket, India’s auto exports to the UAE rose by 42%, while imports of aircraft parts from the Emirates increased from $39 million in 2021-22 to nearly $2 billion. India’s imports from the UAE grew by 18.8% to $53.2 billion in 2022-23.